Tuesday, 11 August 2020

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

Logix Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Aug
7:29

The Logix Federal Credit Union Regular Certificates range from as short as 91 days up to 60 months (five years). You must deposit at least $1,000 to open a Regular Certificate and keep this much in the account to earn the APY.

Logix Federal Credit Union’s rates are average. If you have relationship status because of your combined balance at the credit union, it will give you a higher interest rate based on your status (Silver, Gold or Platinum).

It has several promotional offers with different rates and terms. It currently offers promotions for a 13-month and 27-month certificate with higher rates. The 27-month certificate also comes with a bump-up feature, which automatically increases your rate if market rates go up before your certificate matures. You must deposit at least $2,500 to use these promotions.

Logix Federal Credit Union also offers a 12-month Bump certificate that takes a minimum deposit of $5,000. If the credit union starts paying more after you sign up, you have the option for a one-time rate increase. Finally, Logix Federal Credit Union has a 12-month Flex certificate, which takes a $1,000 deposit. This certificate lets you make one additional contribution within the first 11 months of opening, and you can withdraw up to 25% of your initial deposit without a penalty.

If you make an early withdrawal on the other certificates or go over 25% for the Flex certificate, Logix Federal Credit Union charges an early withdrawal penalty:

  • For terms of six months or less, the penalty is $25 plus 0.5% of the amount withdrawn
  • For terms over six months but less than 48 months, the penalty is $25 plus 2% of the amount withdrawn
  • For terms of 48 months or longer, the penalty is $25 plus 2.5% of the amount withdrawn

If you take money out of your certificate early so that you can transfer the funds into a qualified brokerage product with Logix Financial Services (either a qualifying annuity or mutual fund), the credit union will waive the early withdrawal penalty.

Before you can open a Regular Certificate, you need to join Logix Federal Credit Union. You can apply online, at a branch or by completing the forms at home and mailing them in. The application will ask for your address, Social Security number and a form of government ID such as a driver’s license or passport. You will also need to open a savings account with a minimum $5 deposit.

Once you’re a member, you can apply for a Regular Certificate through the online banking portal, at a branch or by calling customer service. You will need to submit your opening deposit along with your application.

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

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