Monday, 30 November 2020

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

Delta Community Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
14 Nov
2:10

Delta Community Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.35%

Savings

Delta Community Credit Union Savings Account

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.95%

CD Rates

Delta Community Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.75%

CD Rates

Delta Community Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.15%

CD Rates

Delta Community Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Delta Community Credit Union checking account options

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How Delta Community Credit Union’s checking accounts compare

Delta Community Credit Union only offers one checking account, which does a respectable job delivering banking basics. The account has no minimum balance requirement and no monthly fee, and you can also access thousands of free ATMs through the CO-OP network. At a time when large banks are increasing fees and balance requirements, a free checking account with decent ATM access isn’t bad.

But if you want more than the basics, Delta Community account doesn’t deliver. Though their checking account claims to pay interest, the rate is extremely low. Even worse, you need a minimum balance of $5,000 or more to earn interest. We also don’t like that Delta Community doesn’t refund out-of-network ATM fees. While the CO-OP network gives you access to large network of free ATMs, chances are you’ll still make the occasional out-of-network withdrawal — which means fees.

That’s why you can do better than Delta Community’s checking account. If you want to actually earn interest, these are the best online checking accounts on the market. They pay much more than Delta Community and include generous ATM refund programs.

Delta Community Credit Union savings account options

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How Delta Community Credit Union’s savings accounts compare

You can’t join Delta Community Credit Union without opening their savings account — fortunately, they offer decent terms for this mandatory account. First, it offers a respectable savings account interest rate. Even though you just need a $5 minimum balance, the savings rate is high enough that we could see people depositing more.

We also like that the account never charges a monthly fee. It also caught our attention that Delta Community does not charge a fee when you make too many transactions mandated by Regulation D — they just deny the transaction. Other lenders charge a costly fee when this happens, but Delta Community lets you off the hook; it’s convenient if you ever lose track.

Though this is a good savings account, if you put in your due diligence you can find others which are even better. We’ve reviewed the very best savings accounts here if you’d like to earn the highest possible rate for your money.

Delta Community Credit Union’s CD rates

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How Delta Community Credit Union’s CD rates compare

Delta Community Credit Union’s CDs don’t leave much of an impression, good or bad. Their rates definitely aren’t the worst. They pay much more than some of the large national banks, but at the same time, there are other CDs which earn a whole lot more.

There also isn’t much variety with Delta Community’s CDs. They only have five options and they are all the standard, fixed-rate CDs. There’s no way to customize the length of your CD or include other features, like the ability to adjust your rate partway through the term.

Now, a boring CD isn’t necessarily a bad thing if it comes with an exciting interest rate. But Delta Community doesn’t offer that. For a CD rate you can actually get excited about, check out these CD options instead.

Delta Community Credit Union money market account options

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How Delta Community Credit Union’s money market accounts compare

Money market accounts typically come with large balance requirements and high monthly fees, so we respect that Delta Community Credit Union offers a completely free account. If your balance falls below $1,000, all that happens is you stop earning interest, but there’s never a fee — even this $1,000 cutoff to earn interest is low by money market account standards.

It’s just too bad Delta Community doesn’t pay more interest. The rates aren’t bad, but they don’t quite match the truly top-tier money market accounts available today. Even at the highest rate, for a deposit of $100,000, you still won’t earn what we would consider a quality rate.

For more generous rates, you could use something on this list of the best money market accounts in the country. While Delta Community’s money market account isn’t bad, with these other options you could earn more — and you won’t have to deposit $100,000 to make it happen.

Delta Community Credit Union IRA account options

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How Delta Community Credit Union’s IRA CD rates compare

Delta Community Credit Union’s IRA CDs are middle of the pack. Their rates are much better than what’s available at the large national banks, yet nowhere near the top options out there. Another potential downside is that Delta Community doesn’t offer much variety. There are only four IRA CD terms to choose from, so it’s hard to customize your retirement plan.

Their IRA Savings account is decent. There’s no minimum deposit or balance requirement and the rates are above average for this type of account. However, these accounts pay a lot less than IRA CDs and limit how much your retirement savings will grow. It’s usually a better move to use an IRA CD, unless you can’t meet the deposit requirements or really might need your money in the short-term.

In the end, Delta Community’s IRA CDs just don’t provide enough earning power for your retirement goals. Want a more respectable return? We’ve tracked down the very best offers for every IRA CD term so you can find a great match for any savings timeline.

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David Rodeck

David Rodeck |

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

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Source: https://www.magnifymoney.com/blog/reviews/delta-community-credit-union/

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