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NEFCU Review: Checking, Savings, CD, Money Market and IRA Accounts

NEFCU Review: Checking, Savings, CD, Money Market and IRA Accounts
08 Dec
12:51

NEFCU’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.30%

Savings

NEFCU Share Account

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

NEFCU 1 Year Certificate

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

3.00%

CD Rates

NEFCU 3 Year Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.75%

CD Rates

NEFCU 5 Year Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

NEFCU’s checking account option

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How NEFCU’s checking account compares

If you’ve determined you qualify for the second or third rate tiers on this account, it’s definitely worth your while. Between that and the lack of fees and balance requirements, easy-to-navigate online interface and the ability to get ATM fee refunds, you’ve really got a winner here that easily stacks up against those on our list of the best online checking accounts.

NEFCU’s savings account option

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How NEFCU’s savings accounts compare

Rates-wise, none of these accounts really stand up to those on our list of the best online savings accounts. While it wouldn’t hurt you to open any of them if you’ve become a member of the credit union for one of its other products, we wouldn’t seek out NEFCU for any of these products alone. Consider one of the accounts on our list instead to get the most bang for your buck.

NEFCU’s CD rates

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How NEFCU’s CD rates compare

Compared to the CDs on our list of the best available CD rates, NEFCU’s rates are pretty mediocre. You can easily find CDs with the same requirements and penalties that offer a much more competitive rate. Shop around or consider one on our list instead.

NEFCU’s money market account option

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How NEFCU’s money market account compares

When comparing the rates on this account to those on our list of the best money market account rates, NEFCU’s account doesn’t even come close. NEFCU also requires a sky-high minimum balance requirement to earn the highest rate tier. Some of the accounts on our list offer twice these rates on much lower balance amounts, so we strongly advise considering one of those instead.

NEFCU’s IRA options

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How NEFCU’s IRA CD rates compare

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 that’s where the similarities end — NEFCU’s IRA CD rates don’t even come close. You’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 CDs on our list 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.

Emilia Benton

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Source: https://www.magnifymoney.com/blog/reviews/nefcu/

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