Saturday, 28 November 2020

Hanscom Federal Credit Union: Checking, Savings, CD, and Money Market Rates

Hanscom Federal Credit Union: Checking, Savings, CD, and Money Market Rates
29 Aug
1:53

Hanscom Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

1.25%

Savings

Hanscom Federal Credit Union Higher-Yield Savings

1.85%

Goldman Sachs Bank USA High-yield Online Savings Account

on Goldman Sachs Bank USA’s secure website

1.25%

CD Rates

Hanscom Federal Credit Union 12 to 17 Month CD

2.50%

Ally Bank High Yield 12-Month CD

on Ally Bank’s secure website

2.00%

CD Rates

Hanscom Federal Credit Union 30 to 59 Month CD

2.70%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

2.25%

CD Rates

Hanscom Federal Credit Union 60 Month CD

3.00%

Barclays 60 Month Online CD

on Barclays’s secure website

Hanscom Federal Credit Union’s checking account options

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How Hanscom Federal Credit Union’s checking accounts compare

Hanscom Federal Credit Union offers a broad range of checking account options. Customers can choose everything from the no-frills Free Checking account to the high interest rates of the Kasasa Cash Checking account. For balances of up to $15,000, the Kasasa Cash pays an almost unmatched checking account interest rate, topping the best available checking account rates from across the nation. However, larger deposits don’t enjoy that premium.

Customers who prefer cash back may enjoy the 2 percent returns offered by the Kasasa Cash Back Checking account, although that benefit is capped at $7 a month. The credit union’s Premier Checking account is the only one that carries a monthly fee, but it can be waived with a modest deposit.

The account can be a good option for CD customers, as the Premier Checking account allows access to higher CD rates. Linking a savings account or Hanscom Federal Credit Union credit card is a good option, as it allows customers to avoid the $30 overdraft fees.

Hanscom Federal Credit Union’s savings account options

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How Hanscom Federal Credit Union’s savings rates compare

Hanscom Federal Credit Union’s basic savings account rates on its Primary and Secondary Shares and Holiday and Vacation Club accounts are slightly above the national average. Rates become competitive on a national basis with the pickup in yields offered on the Higher Yield Savings and Kasasa Saver accounts. Although not quite on par with the best savings rates in the nation, these two accounts offer competitive yields, particularly on deposits of up to $50,000 in the Kasasa Saver account.

Hanscom Federal Credit Union’s CD rates

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How Hanscom Federal Credit Union’s CD rates compare

Hanscom Federal Credit Union’s CD rates are generally high, topping the national average across every maturity. Yet, rates on the traditional CDs don’t approach the best available online CD rates.

The true gem in the lineup is the hybrid CU Thrive Automated Savings Program. Customers are required to make monthly transfers into the account from an eligible Hanscom Federal Credit Union checking account, and the term is limited to 12 months only, with no automatic renewal. However, the rate is exceptionally high, particularly on such a short-term account. One of the few drawbacks to the program is that monthly contributions are limited to $500, meaning the total amount of interest earned will be relatively low.

Hanscom Federal Credit Union’s money market account

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How Hanscom Federal Credit Union’s money market rates compare

Rates for Hanscom Federal Credit Union’s Money Market account compare favorably with its competitors, topping the national average across every interest tier level. At the highest tier, for deposits of $75,000 or more, rates are nearly quadruple the national average. The best money market rates available nationwide, however, are much higher than what you can earn at Hanscom Federal Credit Union.

Hanscom Federal Credit Union’s IRA rates

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How Hanscom Federal Credit Union’s IRA rates compare

The limited options available for CDs in Hanscom Federal Credit Union’s IRAs are slightly above national averages for every maturity. You can find better rates at competitors when looking for the best available IRA CD rates on a national basis.

Rates on the credit union’s IRA money market account are the same as in its non-IRA accounts, meaning they are well above-average but not quite approaching the top money market rates in the country.

Although the IRA Share account is not a great choice as a longer-term investment, it’s good to have an account that pays interest even on small amounts until they can be better deployed.

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.

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/hanscom-federal-credit-union/

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