Friday, 20 September 2019

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

OnPoint Community Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
18 Dec
9:50

OnPoint Community Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

OnPoint Community Credit Union Regular Savings

2.00%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.95%

CD Rates

OnPoint Community Credit Union 12 Month CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.40%

CD Rates

OnPoint Community Credit Union 36 Month CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.75%

CD Rates

OnPoint Community Credit Union 60 Month Annual Withdrawal CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

OnPoint Community Credit Union’s checking account options

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How OnPoint Community Credit Union’s checking accounts compare

OnPoint Community Credit Union offers four different checking accounts, but none that really compares with the best online checking accounts in the market. Basic Checking is a free account, but you’ll have to pay a monthly fee to use online bill pay. The eChecking option has no monthly fee and includes free online bill pay, but it doesn’t pay interest or refund you for any out-of-network ATM fees. And Interest Checking barely pays any interest while requiring a fairly high minimum balance. All the accounts charge high overdraft fees.

You can find much better checking account options elsewhere. Other institutions offer free online checking accounts that let you earn more significant interest on your money while providing truly free ATM access, even if you use ATMs outside their network. There are many good ones to choose from on this list of the best online checking accounts.

OnPoint Community Credit Union’s savings account options

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How OnPoint Community Credit Union’s savings accounts compare

This credit union’s savings accounts are far from the best when it comes to earning interest on your money. Regular Savings is a very low-yielding account, though its main benefit seems to be to let you establish credit union membership.

The reward savings account pays significantly more in interest, but you won’t earn the top rate on Bundle Reward Savings without a six-figure balance. Even the top-tier rate isn’t that impressive, especially compared with the much higher rates paid by some of the best online savings accounts offered by other institutions.

OnPoint Community Credit Union’s CD rates

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How OnPoint Community Credit Union’s CD rates compare

The CD offerings are better than average, especially if you’re a member who already has, say, a mortgage and a car loan through OnPoint Community Credit Union and can qualify for the interest rate boost.

But even with the special relationship rate, these CDs are still far from the best ones available. Many internet banks offer CDs that pay much higher rates, and don’t have minimum deposit requirements. To get the most for your money, considering choosing from this list of the best CD rates in the market.

OnPoint Community Credit Union’s money market account options

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How OnPoint Community Credit Union’s money market accounts compare

FlexSmart Money Market does pay a little more interest than Regular Savings, but if you’re serious about earning interest, this account doesn’t amount to much. You can get much better rates elsewhere.

If you really want your nest egg to earn meaningful interest, you would be better off searching for a high-yield account at an online bank. You can check this list of the best money market accounts to see some better-paying options.

OnPoint Community Credit Union’s IRA account options

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How OnPoint Community Credit Union’s IRA CD rates compare

OnPoint Community Credit Union’s IRA CDs pay interest rates that are well above national averages, especially for members that use several credit union products and qualify for the higher Bundle Rewards APY. However, the CD rates are far from the best available in the market. You can find much better offerings on this list of the best IRA CD rates, many with significantly lower minimum deposit requirements to boot.

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.

Jeanne Lee

Jeanne Lee |

Jeanne Lee is a writer at MagnifyMoney. You can email Jeanne here

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

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