Tuesday, 24 November 2020

Ent Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Ent Credit Union Reviews: Checking, Savings, CD, Money Market and IRA Accounts
06 Oct
2:17

Ent Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Ent Credit Union Savings Account

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

1.85%

CD Rates

Ent Credit Union 12 Month Certificate

2.50%

American Express National Bank 18 Month CD

on American Express National Bank’s secure website

2.00%

CD Rates

Ent Credit Union 36-41 Month Certificate

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Ent Credit Union’s checking account options

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How Ent Credit Union’s checking accounts compare

Interest rate-wise, Ent Credit Union doesn’t offer anything great. The rates are poor, though just a wee bit better than many big-name banks. If you’re looking for a higher-yielding checking account, try one of these online checking accounts.

Ent Credit Union’s fee structure is also a bit hit-and-miss. Only one account has a monthly fee. It’s a reasonable $5, although it’d still be better at $0. You’ll also face a $10 “account closure” fee if you close the account within the first 90 days, and a $5 monthly “inactive account maintenance” fee if you go more than a year without making any transactions.

The overdraft fees on this account are a bit of a downer as well. You’ll pay $25 per overdraft, with no limits on how many times the credit union can charge you. Typically, banks will limit your overdraft fees to just a handful of charges per day, but at Ent Credit Union, it’s theoretically possible that you could go on a spending spree bender and rack up several hundred dollars in overdraft fees in just one day. Just keep this in mind should you ever have a low balance with this account.

Ent Credit Union’s savings account option

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How Ent Credit Union’s savings account compares

Ent Credit Union’s savings account isn’t anything to write home about. This savings account earns a higher interest rate than its checking accounts (as it should), but that’s not really saying a whole lot when the rates of both types of accounts are so low.

Instead, if you’re interested in earning the highest returns possible on your savings account money, we’d recommend one of these top online savings accounts instead. The rates being offered on these accounts are up to 22 times higher than the rates being offered on this account.

Ent Credit Union’s CD rates

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How Ent Credit Union’s CD rates compare

What really strikes us about Ent Credit Union’s CDs is the diversity of products offered. Most credit unions and banks just have one product — usually called something apt, like “CD” — whereas Ent Credit Union offers a five different types of CD accounts. That’s really handy for helping people who normally wouldn’t be able to take advantage of the higher interest rates that CDs offer.

On the flipside, it appears that you pay for this increase product diversity with lower interest rates. Let’s be clear: they’re definitely not bad interest rates, but they’re not the best. If you really need one of Ent Credit Union’s specialized CDs, like the My Savings Builder Certificate, this may be one of the few places you can find it. But if you can afford the minimum deposit requirements at other banks and credit unions offering higher-yielding CDs, we’d definitely suggest taking them up on the offer instead.

Ent Credit Union’s money market account option

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How Ent Credit Union’s money market account compares

To be sure, the interest rates offered on Ent Credit Union’s money market account are higher than on its savings account. That’s not really saying a whole lot, though, since the savings account rate is so low.

This money market account actually does offer a really good interest rate on its highest tier, above $250,000. We don’t recommend going above this threshold, however, since that’s the limit of FDIC insurance. If the credit union were ever to go under (thankfully, rare, but it does happen), you could lose that money.

Instead, if you’ve still got an eye out for a higher-yielding account, we recommend one of these money market accounts instead. They’ll earn even higher rates, and with smaller balance requirements.

Ent Credit Union’s IRA options

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How Ent Credit Union’s IRA CD rates compare

We can only really see two reasons why you’d want to open an IRA CD at Ent Credit Union. Either you really need the features of the IRA Priority Certificate for some reason, or maybe you just want to simplify things and keep all of your accounts at the same credit union.

Otherwise, you can earn much better rates at other banks and credit unions, like these IRA CD options. Because most people’s retirement accounts are dramatically underfunded, it would be well worth your time to consider one of these IRA CDs instead so you can maximize your retirement savings.

Advertiser Disclosure: The card offers that appear on this site are 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 card companies or all card offers available in the marketplace.

Lindsay VanSomeren

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

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