Wednesday, 25 November 2020

Randolph-Brooks Federal Credit Union Reviews: Checking, Savings, CD, Money Market, and IRA Accounts

Randolph-Brooks Federal Credit Union Reviews: Checking, Savings, CD, Money Market, and IRA Accounts
13 Oct
10:11

Randolph-Brooks Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.25%

Savings

Randolph-Brooks Federal Credit Union Savings

2.15%

CIT Bank Savings Builder

LEARN MORE Secured

on CIT Bank’s secure website

Member FDIC

2.22%

CD Rates

Randolph-Brooks Federal Credit Union 12 Month CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.63%

CD Rates

Randolph-Brooks Federal Credit Union 36 Month CD

2.65%

American Express National Bank 36 Month CD

on American Express National Bank’s secure website

Member FDIC

2.99%

CD Rates

Randolph-Brooks Federal Credit Union 60 Month CD

3.00%

American Express National Bank 60 Month CD

on American Express National Bank’s secure website

Member FDIC

Randolph-Brooks Federal Credit Union’s checking account option

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How Randolph-Brooks Federal Credit Union’s checking account compares

Randolph-Brooks Federal Credit Union offers just one checking account: Really Free Checking. But, as far as free accounts go, you could do a lot worse. There is never a monthly fee, no minimum balance requirement, you earn cash back on debit purchases and the account earns interest on all balances.

Still, there are some features we don’t like. If you use an out-of-network ATM, Randolph-Brooks Federal Credit Union charges $1 per transaction and will not refund any fees from the ATM owner. This can get expensive if you don’t live near one of its branches or a CO-OP network ATM. Also, while the account earns interest, the rate is very low.

Just because you use a free checking account doesn’t mean you can’t earn a decent interest rate. These online checking accounts are also free but pay a much higher rate than Randolph-Brooks Federal Credit Union.

Randolph-Brooks Federal Credit Union’s saving account option

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How Randolph-Brooks Federal Credit Union’s savings account compares

We have mixed feelings about Randolph-Brooks Federal Credit Union’s savings account. On the plus side, it’s free, only requires a $1 balance and pays a moderate interest rate. On the other hand, the interest rate is nowhere near as high as the top savings accounts on the market.

Basically, this savings account is good enough that we don’t see members complaining about being required to open one but we don’t see people rushing to add a ton of money into the account either. There are better options both at Randolph-Brooks Federal Credit Union and elsewhere.

Randolph-Brooks Federal Credit Union’s CD rates

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How Randolph-Brooks Federal Credit Union’s CD rates compare

Randolph-Brooks Federal Credit Union’s CD rates are solid across the board. Whether you want something as short as 6 months, as long as 7 years or something in between, you can find a respectable CD with Randolph-Brooks Federal Credit Union.

While it breaks down its rates into four different deposit categories it then pays the same rate throughout, at least as of Oct. 11, 2018. This works out better for smaller deposits because someone contributing $1,000 earns the same rate as someone contributing $75,000.

Still, that’s a minor complaint because the rates at Randolph-Brooks Federal Credit Union are terrific. Here’s how they match up against the very best CD rates on the market today.

Randolph-Brooks Federal Credit Union’s money market account options

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How Randolph-Brooks Federal Credit Union’s money market accounts compare

If you’re going to open a money market account at Randolph-Brooks Federal Credit Union, the Choice account should be, well, your choice. It pays higher interest rates than the Classic Money Market account but with the exact same balance requirements and rules.

It’s nice that Randolph-Brooks Federal Credit Union’s money market accounts do not charge a monthly fee. Money market accounts typically charge high fees — $15 a month or more — if your balance falls below a certain point but this won’t be a problem here.

The downside is Randolph-Brooks Federal Credit Union doesn’t pay the greatest interest rates. In addition, its best money market rate only applies to balances between $2,500 to $10,000 in the Choice account. If you have more or less than this range in your account, you earn a much worse rate.

Randolph-Brooks Federal Credit Union might be worth using if you’d like a medium-sized money market account and want to avoid monthly fees at all cost. But there are better money market accounts out there which pay nearly double Randolph-Brooks Federal Credit Union’s highest rate while still having low fees. Be sure to check them out before deciding.

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How Randolph-Brooks Federal Credit Union’s IRA CD rates compare

We really like Randolph-Brooks Federal Credit Union’s IRA CDs. In our opinion, they’re the best accounts the credit union has to offer. They feature a wide range of both short-term and long-term IRA CDs and the rates are competitive at every level. You can also open an IRA CD for a deposit of just $1,000.

The IRA Savings account doesn’t pay quite as much but that’s what you’d expect from more flexible account. It’s not a bad choice for small retirement accounts because you can open one up for just $1 and start earning interest. Still, the IRA CDs a better option once you can meet the $1,000 deposit requirement.

There are other lenders who pay slightly higher IRA rates than Randolph-Brooks Federal Credit Union, but the majority require larger deposits of $2,000 or more. If you’d like to compare, we’ve reviewed the best IRA CDs here.

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David Rodeck

David Rodeck |

David Rodeck is a writer at MagnifyMoney. You can email David here

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

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