Thursday, 19 September 2019

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

Municipal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
28 Dec
1:39

Municipal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Municipal Credit Union Share Accounts

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.25%

CD Rates

Municipal Credit Union 12 Month Share Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.40%

CD Rates

Municipal Credit Union 24 Month Share Certificate

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

0.60%

CD Rates

Municipal Credit Union 36 Month Share Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Municipal Credit Union’s checking account options

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How Municipal Credit Union’s checking accounts compare

Rate-wise, it’s easy to compare Municipal Credit Union’s checking accounts with other ones. That’s because our top picks for best online checking accounts offer interest, while none of Municipal Credit Union’s accounts do. Thus, the verdict is thus clear: Skip Municipal Credit Union if you want to earn any interest at all from your checking account funds.

Aside from that, these checking accounts don’t really stand out in any way. There’s a good chance that Municipal Credit Union’s Basic Share Draft account is actually a second-chance checking account, designed for folks who aren’t able to be approved for traditional checking accounts. We certainly hope that’s the case, because no average person should be opening this account given the fees and limitations that come with it. Even if you do open the account, we recommend switching to a better account as soon as you’re able.

Municipal Credit Union’s savings account options

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How Municipal Credit Union’s savings accounts compare

We like that the credit union offers options for holiday and vacation savings. It’d be even better if you could open however many Share accounts as you’d like, so you could separate your savings even further. These savings accounts would also be much better if they offered decent interest rates.

Sadly, Municipal Credit Union accounts are left in the dust when you compare them to the top online savings accounts out there today.

Municipal Credit Union’s CD rates

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How Municipal Credit Union’s CD rates compare

Save your time and money — these rates aren’t worth your trouble, especially considering that the accounts on our list of top-yielding CDs are offering rates that are 10 times higher than these ones. It’s nice that the credit union offers multiple different types of CDs for different purposes and with unique features, but if the rates aren’t good, they’re not good. It’s not enough compensation, especially when you could be earning way more money elsewhere.

Furthermore, we don’t like the fact that these CDs require you to close down the entire account and pay early withdrawal penalties on the full balance if you make any principal withdrawals. This policy just means even less money left in your pocket at the end of the day should you need to make any withdrawals at all.

Municipal Credit Union’s money market account option

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How Municipal Credit Union’s money market account compares

Once again, Municipal Credit Union offers very low interest rates on its accounts. The options on our list of the best money market accounts are currently offering rates that are several times higher than those of Municipal Credit Union. This account doesn’t really stick out in any other way.

Municipal Credit Union’s IRA account options

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How Municipal Credit Union’s IRA CD rates compare

IRA CDs can be an attractive way to save for your retirement if the potentially higher-yielding but more volatile stock market isn’t in the cards for you. But that doesn’t mean you need to settle for less. We’d say that Municipal Credit Union offers rather poor rates on these accounts.

If you’d like to earn as much money as possible for your retirement while still taking advantage of FDIC insurance, try looking at one of these accounts on our list of the best IRA CDs instead.

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.

Lindsay VanSomeren

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

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