One Commonality of 'Best' CUs: Attractive Checking

WASHINGTON–A new analysis has identified what it says are the 10 “most outstanding” credit unions in the United States that nearly anyone can join. 

Kiplinger,the publisher of business forecasts and personal finance advice, said it partnered with Informa Research Services to evaluate 16 “all-access” credit unions in the United States, plus Navy Federal Credit Union, which it said reaches a “large number of customers despite its membership limitations.”

Feature Kiplinger 1

To arrive at its list of 10 outstanding credit unions, Kiplinger said it weighed factors that included fees, minimum-balance requirements and interest rates on checking, savings and CD accounts.

It further noted that in most cases its 10 outstanding credit unions also participate in CO-OP’s shared branch network, allowing members to use the services of 3,500 credit unions with more than 5,000 branches, in addition to access to 30,000 surcharge-free ATMs.

In addition to Navy Federal, Kiplinger’s top 10 list of credit unions includes Hansom FCU, Connexus CU, Langley CU, Lake Michigan CU, Hiway CU, Alliant CU, Bellco CU, Chevron FCU and Pen Air FCU.

 

The full report can be found here.

https://www.kiplinger.com/slideshow/saving/T005-S003-best-credit-unions-2018/index.html

Here’s a look at each of the 10 outstanding credit unions as identified by Kiplinger and Informa. The list is not in any particular order.

 

Hanscom FCU, Hanscom AFB, Mass.

Assets: $1.311 Billion. Members: 84,169

Hanscom

Means for Joining if Not in FOM:Support one of three partner organizations; the least expensive is Burlington Players ($12 membership fee), a volunteer theater group. (Hanscom will submit the Burlington Players application on the member’s behalf.) The member must deposit $25 into a free primary savings account.

Kiplinger’s Review: Three of Hanscom's four checking accounts are fee-free. “The basic account lets you earn ‘MemberPoints’ that you can redeem for travel, merchandise or gift cards, while Premier Checking ($9.95 per month unless your average daily balance exceeds $2,000) ladles on an extra 250 points each month and yields 0.3%. You can also choose between two rewards checking accounts from Kasasa: one that pays 2% cash back on debit card purchases (up to $7 per month) and one that yields 2.5% on balances up to $15,000. For both Kasasa accounts, you need to meet several conditions each month to qualify for these perks, including 12 debit or credit card purchases and at least one direct deposit.

“Hanscom offers several savings options, but one of the most intriguing is CU Thrive, which rewards customers who set up automatic monthly transfers (capped at $500 per month and for a one-year term) with a 3% rate…”

Kiplinger’s also cited HFCU’s Platinum credit card with no annual fee and an APR as low as 8.49%, and a new no-fee Mastercard World Cash + Rewards credit card, as well as other low rates on various products.

Connexus Credit Union, Wausau, Wis.

Assets: $1.853 Billion. Members: 306,895

Means for Joining if Not in FOM:Donate $5 to the Connexus Association, which provides scholarships and supports education, and deposit $5 into a savings account.

Connexus

Kiplinger Review:  “The no-frills Innovative account doesn't pay interest. The MyRewards account pays 1.35%, and Xtraordinary checking pays 1.75% on up to $25,000 in deposits, provided you meet certain requirements each month. For Xtraordinary, this means 15 debit card transactions, one direct deposit and one bill payment, plus electing to receive electronic instead of paper statements; the MyRewards rules are a bit more relaxed.”

After reviewing Connexus CU’s savings options, Kiplinger’s also cited its no-fee Visa Platinum card, which offers a 0% introductory APR for your first 15 months as cardholder and an 11.74% to 17.99% rate thereafter, and several other rewards cars, in addition to new-car loans starting at 2.99% for 36 months. 

Langley FCU, Newport News, Va.

Assets: $2.62 Billion. Members: 244,298

Means for Joining if Not in FOM:Anyone can take advantage of Langley's attractive suite of accounts by paying a fee of as little as $5 to one of several Virginia causes, said Kiplinger, adding, “You'll have to open a savings account with at least $5 to establish your share in the credit union.”

Langley

Kiplinger Review:“Members can choose among four checking accounts, two of which charge no monthly fee. The free LangleyPays checking account yields 0.25% on the first $1,000 in deposits and pays 10 cents every time you swipe your debit card. Or keep it simple with the basic Smart Checkingaccount, with no monthly fee or minimum balance required. If you're 60 or older, you can join the Silver Select Club. Benefits include two free boxes of checks per year if you have a direct deposit; free money orders, certified checks and wire transfers; and a 20% discount on a safe-deposit box. (Langley is the runner-up in our rankings of the best financial institutions for retirees.)”

On regular savings, Kiplinger saidLangley offers the free Traditional money market deposit account, which yields up to 1.0%, and a Platinum money market account, which pays 1.26% on balances of $25,000 or more (but you can make only one free withdrawal or transfer per month with Platinum). 

On credit cards and loans, “Members have their pick of four Visa credit cards. The Select Visa Platinum card features an annual percentage rate as low as 8.75%, and the Cash Back Visa offers rewards of 3% cash back on gas purchases, 2% on groceries and 1% on all other spending. An auto loan for a vehicle between model years 2013 and 2018 recently carried an APR as low as 3.24% (term: up to five years).”

 

Lake Michigan CU, Grand Rapids, Mich.

Assets: $5.99 Billion. Members: 338,111

Means for Joining if Not in FOM:Donate $5 to the ALS Foundation, and deposit $5 into a Member Savings account. (Note: those who live in Michigan's upper peninsula or any part of Florida aside from the southwestern counties of Charlotte, Collier, Desoto, Glades, Hardee, Hendry, Highlands, Hillsborough, Lee, Manatee, Monroe, Palm Beach, Polk or Sarasota cannot join LMCU at all, Kiplinger said.)

Lake Michigan

Kiplinger Review: “The free Max Checking gets the edge over no-frills Free Checking because it pays a generous 3% yield on up to $15,000 and returns up to $15 in non-LMCU ATM fees each month. To earn that rate, you'll need to meet monthly requirements including a direct deposit, at least 10 debit or credit card purchases, at least four logins to your bank account online or by app and opting into e-statements.”

On regular savings, Kiplinger said members are required to open a Member Savings account, which must have a minimum daily balance of $300 to avoid the $5 monthly fee and pays up to 0.25%. Max Savings pays a superior 1%, as long as your balance exceeds $100,000 (0.25% on balances below that and above $100). 

In terms of credit cards and loans at LMCU, its “Max Rewards Visa gives you the choice of cash back or rewards points redeemable for travel, merchandise and more; for example, gas purchases could earn 3% back or three rewards points per dollar. The Prime Platinum Visa charges an APR as low as 8%. Auto loans were recently as low as 3.79% (for vehicles from 2010 or newer and for a three-year term).”

 

Hiway FCU, St. Paul, Minn.

Assets: $1.12 Billion. Members: 72,729

Means for Joining if Not in FOM:Support the Minnesota Recreation and Park Foundation ($10 fee per year) or the Association of the U.S. Army ($40 for two years for civilian supporters). A $5 share deposit is required.

Hiway

Kiplinger Review:“Hiway's Free Checking account has no monthly fee or minimum-balance requirements, and the first box of checks is free. Or, with Minnesota Wild checking, enjoy the benefits of Free Checking and show your pride for the city's professional hockey team with a Minnesota Wild–branded debit card. Each purchase you make earns you a free entry into monthly drawings for prizes such as game tickets and signed jerseys. Members 55 and older are eligible for the Premier Lifestyles Club, through which they get free custom personal checks and a discount on official checks, money orders and a safe-deposit box, among other perks.”

On regular savings, afree money market deposit account requires a minimum $500 deposit.

“Among the credit card options is the Visa Platinum card, which carries an APR starting at 9.9%,” said Kiplinger. “Auto-loan APRs were recently as low as 2.49% for a three-year term or 2.99% for a five-year loan, and interest on a 30-year fixed-rate mortgage started at 4.875%.”

 

Alliant Credit Union, Chicago

Assets: $10.6 Billion. Members: 411,379

Means for Joining if Not in FOM:Alliant will deposit $5 to open your savings account, and will make a $5 donation to Foster Care to Success on your behalf, Kiplinger said.

Alliant

Kiplinger Review: “Earning a 0.65% rate on Alliant's High-Rate Checking account is contingent on two simple requirements: accepting e-statements and receiving one direct deposit each month. The account is free and reimburses users for up to $20 each month in out-of-network ATM fees. (The Free Teen Checking account is available for teens up to age 17 with the same perks, but requires joint ownership with an adult.) Free Checking is similar but does not pay interest.”

On regular savings, Kiplinger said Alliant offers a High-Rate Savings account that returns 1.8% on all balances, as long as a minimum daily balance of $100 is maintained.

On credit cards and loans, “the Alliant Visa Signature is Kiplinger's runner-up for best flat-rate cash-back card in our 2018 roundup of best rewards credit cards. You earn 3% on all purchases for the first year and 2.5% on all purchases thereafter (the $59 annual fee is waived for the first year). The starting rate for a 30-year fixed mortgage is 4.625%, or 3.24% for a new-car loan with a 60-month term.”

 

Bellco Credit Union, Greenwood Village, Colo.

Assets: $4.38 Billion. Members: 321,992

Means for Joining if Not in FOM:If you live outside of Colorado, make a minimum donation of $10 to the charitable organization Bellco Foundation. The credit union also requires a one-time, $5 membership fee and a minimum $25 deposit in a savings account, Kiplinger said.

Belco

Kiplinger Review: “The Boost Interest Checking account stands out for offering a healthy 2.25% rate on up to $25,000 if you meet monthly requirements of making 15 debit card purchases, having one direct deposit, and logging in to online or mobile banking. Otherwise, choose from a free basic checking account, a free student account or Platinum Checking, which requires a $15,000 balance in deposits and loans to waive a $12 monthly fee. It comes with free overdraft-protection transfers, standard checks, wire transfers, money orders and cashier's checks, plus one waived non-sufficient-funds fee per year and a yield of up to 0.15%, depending on the balance.”

On regular savings, Kiplinger said a rate up to 1.25% can be earned on its Premier MMA (minimum $10,000 balance) or up to 0.15% with the Member Money Market Account. “Bellco's savings account yields a ho-hum 0.1%. But if you have a checking account with the credit union, you can have Bellco round up each purchase and deposit the change into your savings account,” Kiplinger said.

On credit cards and loans, Kiplinger said members can choose “between two no-fee credit cards, including Visa Platinum Colorado Rewards. It offers three points per dollar spent on groceries, gas, and certain retail, entertainment and recreation purchases (such as those made at wholesale clubs, shoe stores, movie theaters and golf courses), two points per dollar on cable and streaming services (including Hulu and Netflix) as well as phone and internet services, and one point on all other spending. Rates for a new-car loan recently started at 3.75% for a term of up to four years…”

 

Chevron FCU, Oakland, Calif.

Assets: $3.33 Billion. Members: 109,838

Means for Joining if Not in FOM:Join one of CFCU’s nonprofit partner associations, including the Contra Costa County Historical Society ($40 for an individual) or the Navy League of the United States, through one of four regional councils ($50). A $25 deposit into a primary savings account is required.  

Chevron

Kiplinger Review: “Checking accounts: You need $25 to open the checking account and a balance of at least $500 to earn the 0.15% rate, but you won't incur any monthly fees. The New Solutions Checking account is designed for members with poor credit and charges $5 per month.”

On regular savings, Kiplinger said, “You'll need to maintain a $25 minimum balance with the Primary Savings account(0.45% yield). The MarketEdge money market account is more attractive, since it doesn't have any balance requirements and offers rates that are as good or better than savings (0.45% on balances up to $2,500, and 1.6% on sums above that). Those 21 and younger will do well with the no-fee MySavings account, earning 7% on balances up to $1,000 and the regular 0.45% on higher balances.”

Kiplinger added that on credit cards, “Chevron offers several rewards cards, including the no-fee Cash Rewards American Express, which returns 3% on gas and 2% on groceries and offers a 0% APR on the first six billing cycles.”

 

Navy FCU, Vienna, Va.

Assets: $91.7 Billion. Members: 7,932,759

Means for Joining if Not in FOM:Veterans and servicemembers of any military branch may join, including Army and Air National Guard members and Department of Defense reservists. Department of Defense civilian employees and contractors can become members, too. Plus, family members -- including grandparents, parents, spouses, siblings, children and stepchildren, and grandchildren—of anyone from those two groups qualify for membership. Deposit $5 into a savings account to complete your membership, Kiplinger said.

Navy FCU

Kiplinger Review: “Active-duty military personnel who have a qualifying military direct deposit can use a free checking account that pays 0.05% interest and rebates up to $20 monthly in out-of-network ATM surcharges (including overseas transactions). Among the options for other customers are a free basic checking account; the free Campus Checking for students ages 14 to 24; and Flagship Checking, which requires a $1,500 balance to waive the $10 monthly fee, yields up to 0.45% and refunds $10 monthly in ATM fees if you have direct deposit. All the checking accounts come with free overdraft transfers from a savings account and free checks. Navy Federal also offers the Go prepaid debit card, which has no monthly, activation or purchase fee.”

On other savings products, Kiplinger said, “Certificates of deposit pay out solid rates, including 2% for a one-year maturity or 2.5% on a two-year CD with a $1,000 minimum balance. Plus, the special one-year EasyStart certificate recently yielded 3% ($50 minimum and $3,000 maximum deposit) if you have a direct deposit into a Navy Federal checking account.”

On credit cards, Kiplinger said members can “choose among several credit cards, including Go Rewards, which has no annual fee and pays out three points per dollar spent on restaurant purchases, two points on gas and one point on everything else. Points are redeemable for airline tickets, hotel stays and other travel bookings, cash back, gift cards and merchandise. The no-fee Platinum card has a minimum rate of just 7.74%. None of Navy Federal's cards have foreign-transaction or balance-transfer fees.”

Pen Air FCU, Pensacola, Fla.

Assets: $1.45 Billion. Members: 101,034

Means for Joining if Not in FOM:Anyone can join Pen Air by becoming a member of the Friends of the Navy-Marine Corps Relief Society (Pen Air makes a $3 donation on your behalf, so you pay no fee) and depositing at least $25 into a savings account, Kiplinger said.

Pen Air

Kiplinger Review:“We've recognized Pen Air as the runner-up in our rankings of the best financial institutions for small-business owners because it offers a great business checking account. It has no minimum balance requirement or monthly fee and is free of several other fees that business accounts commonly charge, such as for paper statements, checks paid or deposited, and cash deposits. Individual consumers can use a free checking account that requires no minimum balance.

Regular savings yields up to 0.5%, depending on the balance, and the credit union also offers a “Round It” program that lets members round up each debit card transaction through their checking account and transfer the change to a savings account.

On credit cards, Kiplinger said,“Pen Air's selection of credit cards includes the Pen Air Platinum Mastercard, which carries a minimum rate of 10.65%. Its other cards are associated with local universities and sports teams (they pay out rewards of one point per dollar spent, and for most of the cards, the credit union donates to a charitable organization for each transaction you make).”

 

 

Section: Standard
Word Count: 4408
Copyright Holder: CUToday.info
Copyright Year: 2025
Is Based On:
URL: https://www.cutoday.info/THE-feature/One-Commonality-of-Best-CUs-Attractive-Checking