Tuesday, 24 November 2020

Golden 1 Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates

Golden 1 Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates
17 Oct
11:01

Golden 1 Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Golden 1 Credit Union Regular Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

0.75%

CD Rates

Golden 1 Credit Union 12-17 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.20%

CD Rates

Golden 1 Credit Union 36-39 Month CD

2.65%

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

Member FDIC

1.87%

CD Rates

Golden 1 Credit Union 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Golden 1 Credit Union’s checking account options

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How Golden 1 Credit Union’s checking accounts compare

Although the Golden 1 Credit Union checking account roster is broad, it is not deep. While offering five types of checking accounts, three of those accounts are youth-focused twists on the credit union’s Free Checking account. Only the Premium Checking account pays interest, and the rate is low, falling well below the national average.

Golden 1 Credit Union’s Premium Checking account has opening and maintenance requirements that the credit union’s free checking accounts do not carry, and although those hurdles are not too high to clear, the rate paid may not justify the effort for many prospective customers. When compared with the best national checking rates offered by competitors, Golden 1 Credit Union comes up well short.

Golden 1 Credit Union’s savings account options

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How Golden 1 Credit Union’s savings accounts compare

Golden 1 Credit Union’s savings accounts all pay the same rate, and it’s a rate below the national average. The bank’s flagship savings account is its membership account, as the other savings accounts are variations of holiday or youth accounts. While many other banks and credit unions offer additional high-yield savings accounts, Golden 1 Credit Union does not. As a result, its rates are well below those customers can get from competitors that pay the highest online savings rates available. On the plus side, none of Golden 1 Credit Union’s savings accounts charge monthly maintenance fees.

Golden 1 Credit Union’s CD rates

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How Golden 1 Credit Union’s CD rates compare

CD rates at Golden 1 Credit Union are well above the credit union’s savings rates but can’t compare with the best CD rates available from other banks. For all maturities, Golden 1’s CDs are also below the national average rates. Rates are tiered, but they don’t increase until deposits hit the $100,000 figure, and then only by a small amount. Early withdrawal penalties can also be significant.

Golden 1 Credit Union’s money market account option

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How Golden 1 Credit Union’s money market account compares

Golden 1 Credit Union’s money market account rates are middle-of-the-road. Balances above $50,000 pay more than the national average money market rate, while smaller deposits earn below-average rates. The highest available money market rates at other banks are much higher than even Golden 1 Credit Union’s best rates, while minimum deposit levels are much lower at most of the best-paying banks.

Golden 1 Credit Union’s IRA rates

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How Golden 1 Credit Union’s IRA CD rates compare

Like their non-IRA counterparts, Golden 1 Credit Union’s IRA CD rates are disappointing. There is no significant boost in yield for making larger deposits, and the rates paid on the CDs are below both the national averages and the best IRA CD rates available from competitor institutions.

To be sure, the 12 month CD is unique in that it has a lower minimum balance requirement, but the rate is not much different than those available in the credit union’s regular CD schedule. The credit union’s IRA Savings account pays a moderate amount of interest but is more of a waiting place for funds until they can be invested in higher-rate options.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/golden-1-credit-union/

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