Tuesday, 24 November 2020

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

SchoolsFirst Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
10 Nov
2:01

SchoolsFirst Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.10%

Savings

SchoolsFirst Federal Credit Union Share Savings

1.90%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

2.00%

CD Rates

SchoolsFirst Federal Credit Union 12 – 17 Month Share Certificate

2.50%

Synchrony Bank 12 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.60%

CD Rates

SchoolsFirst Federal Credit Union 36 – 47 Month Share Certificate

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.85%

CD Rates

SchoolsFirst Federal Credit Union 60 Month Share Certificate

3.10%

Synchrony Bank 60 Month CD

on Synchrony Bank’s secure website

Member FDIC

SchoolsFirst Federal Credit Union’s checking account options

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How SchoolsFirst Federal Credit Union’s checking accounts compare

SchoolsFirst Federal Credit Union’s checking account options aren’t anything to write home about with no or low dividends and a monthly maintenance fee on the one checking account that does offer dividends at all. There are checking accounts with higher rates and lower fees out there — especially if you go with an online-only bank.

Instead, the biggest reason to join this credit union is for its unique financial products for educators, some of which we’ll get to in the next section.

SchoolsFirst Federal Credit Union’s savings account options

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How SchoolsFirst Federal Credit Union’s savings accounts compare

Share Savings isn’t going to build very quickly — it’s just there to maintain your membership. The Junior Varsity and Varsity Club Accounts exist primarily to give your child a hands-on opportunity with their own money. As such, dividends are not competitive.

But the Summer Saver account shines. While it’s a great tool for educators paid on a 10-month or 11-month schedule, it also offers dividends that blow even the most competitive online-only savings accounts out of the water.

SchoolsFirst Federal Credit Union’s CD rates

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How SchoolsFirst Federal Credit Union’s CD rates compare

Unless you work in education with a pay cycle that aligns with a Paycheck Planner account, the credit union’s rates are lacking. You can find CD rates out there that will beat SchoolsFirst Federal Credit Union by entire percentage points. The College Saver rate gets closest to being competitive for a CD of its term length and required minimum initial deposit, but it is a potentially dangerous way to save for college if you plan on relying on any type of financial aid for your child’s education.

SchoolsFirst Federal Credit Union’s money market account option

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How SchoolsFirst Federal Credit Union’s money market account compares

While the Liquid Advantage Money Market Account certainly has an edge over the credit union’s Share Savings option, it doesn’t do so well when you compare it to competitor’s money market offerings. If a higher APY is your goal, you’ll be able to find it elsewhere.

SchoolsFirst Federal Credit Union’s IRA options

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How SchoolsFirst Federal Credit Union’s IRA CD rates compare

Both minimum deposits and interest rates for the credit union’s IRA Share Certificates are about average for an IRA CD. You can find higher IRA CD rates out there, though, so keep looking.

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.

Brynne Conroy

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

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