Sunday, 25 October 2020

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

SAFE Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Jun
1:10
SAFE Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

SAFE Credit Union’s checking account options

magnifying glass

How SAFE Credit Union’s checking accounts compare

We like the variety of options offered by SAFE Credit Union’s checking accounts, from a basic, free checking account that doesn’t bear interest to premium accounts that earn a generous APY if you can keep a high enough balance.

That being said, many of the best online checking accounts come with no monthly fees and no ATM fees. On top of that, most of them bear interest with no minimum balance amount, and the rates are often equal to or higher than the highest APYs offered by SAFE Credit Union’s checking accounts.

SAFE Credit Union’s savings account options

magnifying glass

How SAFE Credit Union’s savings accounts compare

SAFE Credit Union’s savings accounts offer great flexibility and also come with some useful programs for helping you save more money. They also bear interest, and if you pair the account with their Perfect Cents Checking, you’ll even get a boost in APY.

However, the credit union doesn’t offer any fee-free savings accounts. When you look at the best online savings accounts, not only do most of them not charge monthly fees, but they also offer significantly higher interest rates. You can even find a few that offer free ATMs nationwide or worldwide.

SAFE Credit Union’s CD rates

magnifying glass

How SAFE Credit Union’s Certificate rates compare

SAFE Credit Union offers some interest certificate options, including certificate specials with bonus rates, bump-up certificates that allow you to take advantage of rate increases and add-on certificates for folks looking for lower minimum deposits and the ability to continually add money to their CD. It’s worth noting that Capitol Club members may be eligible to receive a 0.25% rate increase on certificates at the time of opening.

While they offer variety and flexibility, SAFE Credit Union doesn’t offer a high APY on most of their certificates. Compared with the best CD rates, many of which have similar minimum opening deposit requirements, their 34 month certificate special is the only one that can come close to competing. The rest, unfortunately, offer less than half of what you could get elsewhere.

SAFE Credit Union’s money market account options

magnifying glass

How SAFE Credit Union’s money market accounts compare

Both of SAFE Credit Union’s money market accounts charge a monthly service fee, and although it is waivable, we prefer free money market accounts. The Capitol Access Money Market account makes it easy to earn interest with no minimum balance requirement, but the interest you would earn is negligible.

On the other hand, the Preferred Money Market account comes closer to competing with the best money market rates, especially considering the generous APY you can earn on your first $2,000. If your balance is below that amount, this account is one of the best rates you’ll find. However, there are other banks that will earn you more interest on higher balances, and many of those don’t have a monthly service fee or require you to complete a certain number of monthly transactions in order to earn interest.

SAFE Credit Union’s IRA account options

magnifying glass

How SAFE Credit Union’s IRA CD rates compare

The best IRA CD rates offer high returns for low minimum deposit amounts and come in a variety of terms. You’ll have to contact SAFE Credit Union to see exactly how their IRA CD rates compare.

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.

Elizabeth Aldrich

TAGS:

Recommended by

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

« »

Szemere

Related Articles