Thursday, 3 December 2020

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

INOVA Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
27 Nov
7:51

INOVA Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.01%

Savings

INOVA Federal Credit Union Membership Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.60%

CD Rates

INOVA Federal Credit Union 1 Year CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.85%

CD Rates

INOVA Federal Credit Union 3 Year CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.00%

CD Rates

INOVA Federal Credit Union 5 Year CD

2.80%

Synchrony Bank 14 Month CD

on Synchrony Bank’s secure website

Member FDIC

INOVA Federal Credit Union checking account options

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How INOVA Federal Credit Union’s checking accounts compare

If you’re able to maintain the minimum balance requirements on INOVA Federal Credit Union’s Shield and Elite checking accounts, you’ll have the opportunity to earn a great APY rate. However, despite the lack of fees and requirements for the credit union’s more basic accounts, when you take a look at the rates, they just don’t compare to some of the best checking account options out there. The bonuses like thank-you gifts and check buyback are a nice touch, but don’t do much in the long term.

INOVA Federal Credit Union savings account options

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How INOVA Federal Credit Union’s savings accounts compare

None of INOVA Federal Credit Union’s savings accounts offer spectacular rates, so we wouldn’t recommend joining the credit union for a savings account alone — though it is a requirement to open any other product. While we like the idea behind the Special Savings and Christmas Club accounts, they offer the same APY as the required Members Savings account, so it seems a little redundant to open both. If you’re simply in search of a savings account with great rates, we suggest looking elsewhere, as there are much better savings account options to be had out there.

INOVA Federal Credit Union certificate rates

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How INOVA Federal Credit Union’s certificate rates compare

When you compare INOVA Federal Credit Union’s certificate rates to the best CD rates out there, you’ll see that, for the most part, these rates don’t stack up. Still, if you prefer a much smaller minimum deposit than many other options out there, then these might be a good fit for you.

Generally speaking, though, we would suggest holding out for a better rate when you have more funds to deposit, or simply opening a CD with the same term length and a higher rate from an online-only bank.

INOVA Federal Credit Union’s money market account options

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How INOVA Federal Credit Union’s money market accounts compare

INOVA Federal Credit Union’s money market account rates are on par with some of the best money market accounts out there. The main difference is that most others don’t require such a high minimum opening deposit and minimum balance requirement, which can be a limiting factor for many people. If you don’t have that much cash saved up to put aside, you can easily find another option from another financial institution with just as good a rate (if not better) and more flexible requirements.

INOVA Federal Credit Union IRA Certificate options

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How INOVA Federal Credit Union’s IRA CD rates compare

There’s no getting around it — compared to the best IRA CD rates out there, INOVA Federal Credit Union’s rates are pretty low. The wide range of term lengths and the minimum required deposit might appeal to some people, but, again, we say hold off until you have a bit more cash to deposit so you can take advantage of being able to earn a much higher rate.

INOVA Federal Credit Union IRA options

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How INOVA Federal Credit Union’s IRA rates compare

Of INOVA’s IRA three account options, it’s the IRA Financial Management Account that shines, even with its higher balance requirements to earn higher dividends. As with the credit union’s IRA CD rates, the wide range of term lengths and the minimum required deposit might appeal to some people.

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.

Emilia Benton

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

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