Wednesday, 25 November 2020

Mountain America Credit Union Review: Checking, Savings, CD, Money Market, and IRA Accounts

Mountain America Credit Union Review: Checking, Savings, CD, Money Market, and IRA Accounts
24 Oct
6:02

Mountain America Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

Mountain America Credit Union Primary Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.50%

CD Rates

Mountain America Credit Union 12 Month Term Deposit

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.35%

CD Rates

Mountain America Credit Union 3 Year Term Deposit

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

3.35%

CD Rates

Mountain America Credit Union 5 Year Term Deposit

3.10%

Barclays 60 Month Online CD

on Barclays’s secure website

Member FDIC

Mountain America Credit Union’s checking account options

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How Mountain America Credit Union’s checking accounts compare

Mountain America Credit Union offers just three checking accounts, but they have a good range of services. With a free checking account, a rewards checking account and a student checking account, Mountain America Credit Union’s product line is likely to appeal to a wide range of customers.

The major drawback of all of these accounts is that none of them pay any interest. Thus, no comparison can be made between the rates on Mountain America Credit Union’s checking accounts and the national average rate, let alone some of the interest offered in our list of the best checking accounts available. All of the accounts also charge fees for usage of non-MACU ATMs.

Mountain America Credit Union’s savings account options

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How Mountain America Credit Union’s savings accounts compare

Mountain America Credit Union’s Traditional Savings account is just what the name suggests, a basic savings account that pays interest and has no monthly fees. It’s also the membership account for the credit union.

The other savings accounts at Mountain America Credit Union are all specialty accounts, focusing on teen, youth or holiday savers. The Traditional and Teen accounts pay rates below the national average, and far below the APY available on the nation’s best savings accounts.

Mountain America Credit Union’s CD account options

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How Mountain America Credit Union’s CD accounts compare

Rates for Mountain America Credit Union CD accounts are high across the board. The Youth Term Deposit account is particularly attractive, paying the highest CD APY at Mountain America Credit Union and only requiring a $5 minimum deposit. However, even Mountain America Credit Union’s regular CD line offers yields that are competitive with the highest available CD rates and are far above the national average

Mountain America Credit Union’s money market account option

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How Mountain America Credit Union’s money market account compares

Interest rates start low with the Mountain America Credit Union Money Market account, but they climb above the national average once deposits of at least $10,000 are made. You can still probably get higher rates with the best available money market accounts, but rates at the highest Mountain America Credit Union tier are at least respectable. The money market product line at Mountain America Credit Union is not very diverse, however, as just the single account is available.

Mountain America Credit Union’s IRA account options

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How Mountain America Credit Union’s IRA account compares

Mountain America Credit Union’s IRA Money Market features the same rates as its non-IRA product, meaning they start low and rapidly climb to respectable levels. Top rates remain firmly above the national average. However, Mountain America Credit Union doesn’t offer its own IRA CDs, so no comparison can be made with the best IRA CD rates available nationwide. Also, as mentioned, investment products are handled through LPL Financial rather than directly by the credit union.

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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/mountain-america-credit-union/

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