Thursday, 3 December 2020

Grow Financial Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Grow Financial Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
10 Oct
2:20

Grow Financial Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Grow Financial Federal Credit Union Basic Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

1.60%

CD Rates

Grow Financial Federal Credit Union 12 – 17 Month Share Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.30%

CD Rates

Grow Financial Federal Credit Union 36 – 47 Month Share Certificate

2.65%

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

Member FDIC

3.00%

CD Rates

Grow Financial Federal Credit Union 60 Month Share Certificate

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Grow Financial Federal Credit Union’s checking account options

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How Grow Financial Federal Credit Union’s checking accounts compare

Sadly the rates for both these accounts are extremely low compared with other online competitors. Even with the perks like no NSF fees and cash back on debit card purchases, it seems hardly worth it.

To find the current best rates, check our list of the 10 best online checking accounts.

Grow Financial Federal Credit Union’s savings account options

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How Grow Financial Federal Credit Union’s savings accounts compare

As far as rates alone go, these savings accounts fall flat. Most of the other online competitors out there are advertising APYs at least double what Grow Financial is offering. While the bonus you earn with the Get Fit and Project Quince accounts are pretty nice, it may not be enough to sway you, especially if you intend to keep the account open for a long time.

To shop around, make sure to check our list of the best online savings accounts.

Grow Financial Federal Credit Union’s CD rates

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How Grow Financial Federal Credit Union’s CD rates compare

The rates for Grow Financial Federal Credit Union’s certificates aren’t too bad when compared with competitors, just slightly lower than currently advertised rates. What they do have going for them is a lower minimum opening amount. If that’s important to you, then these CDs are a good choice. If you’re after the best rates, you may be better off looking at our list of the current best CD rates.

Grow Financial Federal Credit Union’s money market account options

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How Grow Financial Federal Credit Union’s money market account compares

Grow Financial Federal Credit Union’s money market rates fall way short of other ones on our list of the current best money market rates. Other financial institutions on our list also have lower minimum balance amounts and limited check-writing capabilities. All this to say, for a money market, you’re better off elsewhere.

Grow Financial Federal Credit Union’s IRA account options

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How Grow Financial Federal Credit Union’s IRA CD rates compare

These IRA CD rates are significantly lower than the ones on our list of the best IRA CD rates. The longer you’re willing to put your cash into a longer term, the ones featured on our list of the best IRA CD rates could be worth it.

IRA savings account

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Sarah Li Cain

Sarah Li Cain |

Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Source: https://www.magnifymoney.com/blog/reviews/grow-financial-federal-credit-union/

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