Tuesday, 24 November 2020

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

Eastman Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
19 Oct
10:40

Eastman Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

Eastman Credit Union Share Savings Account

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.00%

CD Rates

Eastman Credit Union 1 to 2 Year Investment Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.40%

CD Rates

Eastman Credit Union 3 to 4 Year Investment Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.60%

CD Rates

Eastman Credit Union 5 Year Investment Certificate

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Eastman Credit Union’s checking account options

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How Eastman Credit Union’s checking account compares

The ECU Beyond Free Checking does not offer the best rates on the market, but they’re not the worst either. Aided by no minimum balance requirements and limited fees, this account is worthy of your consideration as you compare other checking accounts.

Eastman Credit Union’s savings account options

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How Eastman Credit Union’s savings accounts compare

Eastman Credit Union offers a pittance of an APY when compared with the best savings accounts on the market, yet each account it does offer serves a very unique purpose that may put it beyond dividend comparisons.

The Regular Savings account is required to open any type of account at Eastman Credit Union, whether or not you’re a fan of the APY. Christmas Club and special savings accounts exist to enforce self-discipline rather than to rake in extra money through dividends, and HSAs are a way to become more tax efficient with your health care spending.

Rather than comparing these accounts with those with the highest savings rates, you’ll be better off digging in deep and comparing them with accounts at other financial institutions that help you achieve the same goals.

Eastman Credit Union’s CD rates

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How Eastman Credit Union’s CD rates compare

At lower rate tiers, Eastman’s certificates are barely competitive. However, as you move up through the ranks of longer term periods, its certificates rival some of the best rates out there. Those should be considered as a viable option as you compare other CDs.

Eastman Credit Union’s money market account options

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How Eastman Credit Union’s money market accounts compare

As mentioned above, traditionally money market accounts have required higher minimum balances in order to earn a higher APY. However, with the advent of online-only banks, we have seen a shift in this practice. Now, many internet banks offer a high APY on money market accounts with low or even no minimum balance requirements, rendering accounts like the one offered by Eastman Credit Union fairly obsolete.

To earn a dramatically higher APY with lower minimum balance requirements, be sure to check out the best money market accounts on the web.

Eastman Credit Union’s IRA account options

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How Eastman Credit Union’s IRA CD rates compare

You can do better with your IRA certificate than accepting the low rates offered by Eastman Credit Union. Look for financial institutions that up their APY when offering certificates inside an IRA rather than keeping them static. Even if you have more than $100,000 to open a jumbo certificate and get the rate hike, the APY offered by the competitors still dwarfs the credit union’s offerings.

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.

Brynne Conroy

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

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