Sunday, 20 October 2019

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

Truliant Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
01 Jan
5:39

Truliant Federal Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Truliant Federal Credit Union Regular Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

1.50%

CD Rates

Truliant Federal Credit Union 12 Month Certificate

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

1.70%

CD Rates

Truliant Federal Credit Union 36 Month Certificate

2.90%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.30%

CD Rates

Truliant Federal Credit Union 60 Month Certificate

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Truliant Federal Credit Union’s checking account options

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How Truliant Federal Credit Union’s checking accounts compare

Truliant Federal Credit Union’s checking accounts are like white bread — a bit bland. Make no mistake, though, they’re generally not bad accounts.

These accounts do offer interest payments, but as we’ve seen, they’re all quite low and they’re all the same rates. It’s possible that the credit union will get its act together and start offering better rates on its Advantage Checking and Senior Advantage Checking accounts like it says it does.

But right now, these accounts are all offering a very low interest rate. You can find much better rates with one of these checking accounts instead.

Truliant Federal Credit Union’s savings account options

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How Truliant Federal Credit Union’s savings accounts compare

Truliant Federal Credit Union offers many different types of savings accounts with special features to help you save. That’s great, and we appreciate this fact. Anything that credit unions can do to help you save is a pro in our book.

Unfortunately, where the credit union doesn’t help you save is with its interest rates. The interest rates offered on each and every one of these savings accounts is very low. These rates aren’t rock bottom — see a megabank for that — but it’s not that far off.

Instead, you can find much, much better interest rates with one of these online savings accounts. These accounts are general-purpose savings accounts with no special features like Truliant Federal Credit Union offers, but with some legwork, we’re sure it’s possible to find fancier, higher-yielding savings accounts too.

Truliant Federal Credit Union CD rates

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How Truliant Federal Credit Union’s CDs compare

The rates that Truliant Federal Credit Union offers on its CDs aren’t bad. Still, they’re a far cry from being the top CD rates offered.

We do like that the credit union offers a range of CD products so that essentially anyone can use CDs if they wish. In particular, the Dollar Dog CDs that allow you to start with just a $100 deposit, which is much smaller than most banks or credit unions require. In addition, you can also deposit more money into the account over time, making this a very useful CD indeed. Our only complaint is that it doesn’t offer a higher interest rate.

Truliant Federal Credit Union’s money market account options

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How Truliant Federal Credit Union’s money market accounts compare

We’ll save you some time: Go elsewhere for your money market account needs. The rates that Truliant Federal Credit Union offers are simply too low compared with its top money market account competitors.

The only rates worth a second peek are with the credit union’s Select Plus Money Market account, and even then, you’ll need to keep at least $100,000 in the account to take advantage of these rates. You can earn better rates than this with a fraction of the deposit size at other banks and credit unions, and that’s why we recommend you look elsewhere.

Truliant Federal Credit Union’s IRA account options

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How Truliant Federal Credit Union’s IRA CD rates compare

Truliant Federal Credit Union doesn’t offer horrible interest rates on its IRA CDs. Still, you can earn much better interest rates with one of these top-yielding IRA CDs instead.

One of the biggest factors leading to a happy retirement is saving enough money in the first place. If you’ve got that part down and are saving enough, the second-biggest thing you can do is to make sure your savings are earning the highest interest rates. This will take your retirement savings from good to great, and because Truliant Federal Credit Union doesn’t offer optimal IRA CD rates, we can’t wholeheartedly recommend them.

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Lindsay VanSomeren

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

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