Jovia Financial Credit Union was established in 1938 as the Valley Stream Teachers Federal Credit Union. The Westbury, N.Y.-based credit union has since grown to more than 350 employees and nearly 200,000 members. It partners with Allpoint, allowing its customers to make surcharge-free transactions at over 55,000 ATMs.
Membership at Jovia is open to people who live, work or attend school in Nassau or Suffolk counties, except the townships of East Hampton, Southampton and Shelter Island. To establish membership and open any other personal deposit accounts, members must open a Share Savings account with a minimum deposit of $5. The credit union offers checking, savings, CD, IRA and money market accounts for its personal banking products.
If you are able to meet the requirements to earn APY on this account, it looks like a slam dunk. Low ATM fees, a solid ATM refund and no minimum opening deposit make this account an absolute winner. Itâ€™s quite rare, even if there are some requirements. Two thumbs up for this account, which ranks not far behind the top accounts on our listing of the best high-yield checking accounts.
The savings accounts offered by the credit union seem fairly basic and rates-wise, none of them compare to the top offerings on our list of the best online savings accounts. While it wouldnâ€™t hurt you to open any of them to become a member of the credit union and access one of its other products, we wouldnâ€™t necessarily add Jovia Financialâ€™s savings accounts to any of our best-of listings.
Compared to the products on our list of the best available CD rates, Jovia Financialâ€™s rates fall somewhere in the middle. You can easily find CDs with lower requirements and penalties that offer a more competitive rate. The difference in APYs with CDs can be fairly competitive, but Jovia Financial loses the edge when it comes to minimum deposit amounts.
When comparing the rates on this account to those on our list of the best money market account rates, Jovia Financialâ€™s account doesnâ€™t quite measure up. It also requires a sky-high minimum balance requirement to earn a somewhat decent APY. Some of the accounts on our list offer twice these rates on much lower balance amounts, and therefore they should be the first ones to consider.
The opening deposit requirements and early withdrawal penalties fare pretty similarly in comparison to the accounts on our list of the best IRA CD rates, but thatâ€™s where the similarities end â€” Jovia Financialâ€™s IRA CD rates donâ€™t appear to compete. Youâ€™ll want to do your due diligence and take your time shopping around when it comes to saving for your retirement, so consider one of the IRA CDs on our list instead.