Friday, 20 September 2019

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

Virginia Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts
09 Jan
10:48
Virginia Credit Union’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Virginia Credit Union Savings Account

2.10%

American Express National Bank High Yield Savings Account

LEARN MORE Secured

on American Express National Bank’s secure website

Member FDIC

1.70%

CD Rates

Virginia Credit Union 12 Month CD

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

2.20%

CD Rates

Virginia Credit Union 36 Month CD

2.90%

Synchrony Bank 36 Month CD

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC

2.65%

CD Rates

Virginia Credit Union 60 Month CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

Virginia Credit Union’s checking account options

magnifying glass

How Virginia Credit Union’s checking accounts compare

Overall, Virginia Credit Union’s checking account options are somewhat lacking. The personal accounts offer members low returns, especially when compared with some of the best checking accounts out there. For people who plan on frequently using non-Virginia Credit Union ATMs, the fees can add up fast, though there are refunds available for qualified transactions. In general, though, there are better options which also provide that perk while delivering better rates.

Virginia Credit Union’s savings account options

magnifying glass

How Virginia Credit Union’s savings accounts compare

Compared with the best online savings accounts, Virginia Credit Union’s offerings leave much to be desired. Part of that is due to the minimum balance requirement, which, although pretty low, could be avoided by opening an account elsewhere. But the primary failing in these accounts is the low rates, which seem to echo the paltry offerings of savings accounts from five or ten years ago than living up to the best rates available now — and those rates oftentimes don’t come with the membership requirement that you’ll find in a credit union.

Virginia Credit Union’s CD rates

magnifying glass

How Virginia Credit Union’s CD rates compare

For people who can afford to save large sums of money for five years, the rates for Virginia Credit Union CDs are fairly decent. However, for people who are willing to look elsewhere for a better CD, there are more options with higher rates and with fewer barriers to entry.

Virginia Credit Union’s money market account options

magnifying glass

How Virginia Credit Union’s money market accounts compare

Like many other money market accounts, the best rates are available for those who can afford to maintain a high minimum balance. Although Virginia Credit Union does offer a few options for money market accounts, when compared with the best money market rates, these rates are well below the offerings available from other banks. They’re not rock bottom, but they are close to it.

Virginia Credit Union’s IRA account options

magnifying glass

How Virginia Credit Union’s IRA CD rates compare

For people who are willing to invest a large sum and still have many years before retirement, Virginia Credit Union’s offerings are almost on par with the best IRA CD offerings out there, though they do have slightly lower rates and higher minimum-deposit requirements to earn the top rates than you might find elsewhere. If you’re interested in shorter-term options, are nearing retirement or you want to maximize your earnings, you might be better served by looking outside of the credit union for savings certificates.

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

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

« »

Szemere

Related Articles