Thursday, 29 July 2021

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

Baxter Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
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Baxter Credit Union checking account options

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How Baxter Credit Union’s checking accounts compare

Usually, when a lender offers two checking accounts, it’s a tradeoff between one with rewards and one that’s free. At Baxter Credit Union, they made it an easy decision because both accounts are free and do not have any balance requirements.

That’s why PowerPlus™ Checking account is clearly the better choice. It comes with unlimited ATM refunds and a fantastic interest rate, as high as anything you’ll see on a checking account. Simply™ Checking isn’t bad for handling basic banking, but it doesn’t really have any advantage considering PowerPlus™ Checking offers so much and is also free.

The only real downside of the PowerPlus™ Checking account is you need to make a bunch of transactions and direct deposits each month to qualify for the benefits. If you want to earn interest without the hassle, these online checking accounts may be a better choice. They earn just as much without making you jump through hoops to qualify.

Baxter Credit Union savings account options

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How Baxter Credit Union’s savings accounts compare

If you need some extra motivation to reach your money goals, the Rainy Day™ Savings account could be an intriguing option. It earns an excellent interest rate but only if you add at least $25 to the account each month.

In addition, the account only allows two free withdrawals per year. It charges a steep $25 for each withdrawal past two, which could encourage customers not to cheat and dip into their savings. You need to decide whether these extra rules will help motivate you or if they’re just a headache.

Baxter Credit Union’s Regular Savings account earns too little to be worth using. While it’s nice that it’s free, the interest rate is very low. You’ll need to open one to join Baxter Credit Union but there’s no requirement to add money. We wouldn’t.

If you want to earn a high interest rate but don’t want to deal with the deposit/withdrawal rules for Rainy Day™ Savings, these online savings accounts could be a much better fit. They earn just as much as Baxter Credit Union’s top account but they don’t have the same restrictions.

Baxter Credit Union’s CD rates

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How Baxter Credit Union’s CD rates compare

Baxter Credit Union’s regular CD rates are good, but not quite good enough to get excited about. Their CD specials are another story. Just the promotions on their own match up well with pretty much any lender out there.

You can also qualify for a substantial rate increase on all the CDs, even the promotions, through their Rewards program — a loyalty program for customers who have other Baxter Credit Union deposit accounts and loans. When you add the upgrade to the already high CD special rates, you get just a phenomenal return.

There are a couple downsides. First, the CD specials can change over time so there’s no guarantee Baxter Credit Union will still be paying a high rate at the end of your term when you renew. In addition, if you want the higher Rewards rates, you’ll need other accounts at Baxter Credit Union besides your CD.

If you can meet all the Baxter Credit Union requirements, their top CD offers are a terrific choice. But if you want something simpler, these are the other best CD rates in the country. You can sign up for any time and there are no extra requirements, like needing a loan, to qualify.

Baxter Credit Union money market account options

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How Baxter Credit Union’s money market accounts compare

Whether these money market accounts are worth opening depends on two factors: how much you plan on depositing as well as where that money is coming from. They offer two exceptional promotions with their Money Market Special and Investor Money Market accounts.

However, these accounts only work for customers with deep pockets. You need at least $15,000 for the Special and at least $100,000 to open the Investor Money Market account. As an added hurdle, the deposit needs to be from new money, funds that aren’t already at Baxter Credit Union.

Their Regular Money Market account is much less impressive. While it doesn’t charge a monthly fee, it barely outearns Baxter Credit Union’s regular savings account unless you have a balance of at least $250,000. Even then, the rate is not high enough to justify bringing in a quarter million dollars.

If you plan on opening a large account with new funds, the Baxter Credit Union specials could be worth a shot. Just remember, the high rates are only guaranteed until the end of 2019. If you want a smaller account or one with a rate that won’t expire in a year, you could check out our list of the best money market accounts available.

Baxter Credit Union’s IRA CD rates

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How Baxter Credit Union’s IRA CD rates compare

Baxter Credit Union does a nice job with their retirement plans. Their IRA Certificate rates are excellent, especially since you can use both their CD promotions and higher relationship reward rates. With other lenders, they typically don’t allow their CD promotions for their IRAs. We appreciate that at Baxter Credit Union, they keep all the options open.

Their IRA Money Market account is also extremely competitive. It pays a rate that would be decent even for an IRA CD but then gives you much more access to your money. If you don’t want to worry about early withdrawal penalties from your lender, this is an excellent choice.

If you handle your retirement plan through Baxter Credit Union, you should be happy with the results. But if you’d like to see what else is out there to make sure you get the best deal, check out this review covering the best IRA CD rates.

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David Rodeck
David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here


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