Friday, 20 September 2019

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

Veridian Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
22 Dec
8:41

Veridian Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.15%

Savings

Veridian Credit Union Member Equity Savings

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.35%

CD Rates

Veridian Credit Union 12 Month Starter CD

2.65%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.90%

CD Rates

Veridian Credit Union 36 Month CD Special

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

2.30%

CD Rates

Veridian Credit Union 39 Month CD Special

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Veridian Credit Union’s checking account options

magnifying glass

How Veridian Credit Union’s checking accounts compare

One perk to Veridian Credit Union is its mobile banking options for both Apple and Android phones. But while Veridian Credit Union’s checking options are altogether interest-bearing accounts, those rates aren’t the highest on the market, or even close.

If you don’t mind an online-only bank, and you’re willing to do a bit of research, there are better checking account options to consider, many of which don’t have ATM fees and are open to those who don’t live in the credit union’s membership areas.

Veridian Credit Union’s savings account options

magnifying glass

How Veridian Credit Union’s savings accounts compare

If you’re looking for a high-rate savings account that can contend with the best online savings accounts, you may want to look elsewhere. While there are a few standout options (particularly the savings account options for those under 18 who are related to an existing member) and Veridian Credit Union does provide fairly generous access to outside ATMs fee-free, the overall offerings leave something to be desired — for example, when you consider the fact that similar accounts from online-only banks offer higher rates and no minimum balance.

Veridian Credit Union’s CD rates

magnifying glass

How Veridian Credit Union’s CD rates compare

Compared to the best CD rates, some of Veridian Credit Union’s CDs aren’t as appealing. But there are a few standout options, such as the CD Specials and certain Jumbo CDs. And for those who are willing to wait, the rates can be quite competitive for the industry.

Another compelling option is the Bump-up CD, which offers investors the chance to take advantage of raising rates, even after their term begins. It also has accessible accounts specifically for those under 18, which isn’t a given when looking at CD options.

Though the minimum deposit requirements are a bit higher than some CDs from other banks, these certificates are generally solid, offering a chance to make higher-than-average returns on a good chunk of money.

Veridian Credit Union’s money market account options

magnifying glass

How Veridian Credit Union’s money market accounts compare

If you’re deciding between a Veridian Credit Union savings and money market account, and you are willing and able to maintain a tidy sum in that account, the money market account offers better rates — hands down.

However, when compared to the best money market accounts, Veridian Credit Union’s offerings fall flat, both in terms of the APY and the minimum amount required to get your foot in the door. In other words, if you’re willing to consider another bank, there are better options, some of which don’t require a minimum balance to earn significantly higher rates.

Veridian Credit Union’s IRA account options

magnifying glass

How Veridian Credit Union’s IRA rates compare

For those who have a lot of money and multiple years before they cross the retirement finish line, the Veridian IRA CD gives investors high APY options, even when compared to the best IRA CD options out there. But if you can’t afford a high-minimum Jumbo CD, there are better options elsewhere. And when it comes to the IRA savings account, the rate just can’t compete with those offerings, as is expected when you compare a CD and a savings account APY.

If, however, you need to be able to access to your IRA cash in fewer than three months, the IRA savings account could make more sense for you, since it doesn’t have an associated term.

The Coverdell savings account is notable in that it allows parents to save a child’s pre-college education, and withdraw the funds, tax-free. Since the credit union does not publicize the account’s rate, interested investors should contact Veridian for a rate quote.

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.

TAGS:

Recommended by

This Cash Back Number May Surprise You

This Cash Back Number May Surprise You

Best Travel Credit Cards With No Annual Fee

Best Travel Credit Cards With No Annual Fee

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

Getting Approved For 1 Of These Credit Cards Means You Have Excellent Credit

2 Credit Cards Charging 0% Interest until 2019

2 Credit Cards Charging 0% Interest until 2019

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

« »

Szemere

Related Articles