5Star Bank offers a variety of personal deposit and business accounts. There are three different personal checking accounts. One that earns interest, one earns cash back, and one rewards you for shopping online. 5Star Bank offers a savings account, money market account, and different CD terms. Business accounts include checking, money market accounts, CDs, and loans.
5Star Bank has low amounts required to open their accounts. Each of the different checking accounts only require $50 to open. The Kasasa savings account does not have a set amount required when opening. Both the money market account and the different CD terms each require $1,000 to open.
There are no fees to use 5Star ATMs. 5Star Bank will refund up to $20 each month in ATM fees for each of their checking accounts. ATM transactions do not count toward the required debit card transactions to earn interest or rewards.
Most all 5Star Bank accounts do not have monthly maintenance fee. Each of the different checking accounts is free, as well as the savings account. The money market account has a $5 fee, which is waived by keeping at least $1,000 in the account. The different term CDs do not have monthly fees.
To earn the most competitive rates for the money market account requires a large sum. To earn the best rate, you must have a balance of $250,000 in the account. Any balance over $1,000 does earn interest, but a lower rate. The rates gradually increase the more money you have in the account.
5Star Bank checking accounts have requirements you must meet to earn competitive rates. Those requirements include enrolling in online banking and receiving eStatements. You must also make at least 12 debit card purchases each month. ATM withdrawals or account transfers do not count toward those purchases. If you do not meet the requirements for the month, you will not earn the competitive interest rate. The 5Star Bank savings account has the same requirements to earn interest.
5Star limits the amount of money that you can use with your debit card. The limit for point of sale purchases is $1,000 per day. The limit for ATM withdrawals for each day is $300.
Once you reach $25,000 in the savings or checking account the interest rates drop. Any amount under that balance will earn the competitive rates. Any amount over that earn a much lower rate.
The interest rates for most Connexus accounts are competitive. Their CD and checking accounts offer rates competitive with other online accounts. These rates are much higher than typical brick and mortar bank rates. The Connexus saving accounts do not offer rates competitive with other online accounts.
The personal deposit accounts with Connexus do not have monthly maintenance fees. There are no required amounts to keep in accounts to avoid fees. The checking, money market, and savings accounts are completely free. The HAS account has a fee and the business checking account if your balance falls below $200.
Two Connexus checking accounts offer ATM fee reimbursement. ATM transactions are free at any Connexus ATM. The Xtraordinary checking allows for six free ATM withdrawals from non-Connexus ATMs. The MyRewards allows four ATM withdrawals. If you exceed this amount, Connexus will reimburse you up to $25 in surcharges each month.
Connexus Credit Union offers a good variety of personal deposit accounts. They offer three checking accounts, money market account, and CDs. They offer a traditional savings account, one for youth, and a holiday savings account. Each of these accounts can open online.
To open Connexus accounts, you must first become a member of the credit union. Employees of certain businesses or residents of certain cities qualify to become members. Relatives of members qualify. You can also become a member with a one-time $5 donation to the Connexus Association. Just because you apply does not mean you qualify to become a member. It can take up to three business days to hear if you are approved or not.
The CD accounts through Connexus Credit Union all have high opening balances. Each of the CD terms requires $5,000 to open. Their CDs include 12, 24, 36, 42, or 60-month terms. There are no fees for these CDs unless you withdraw the money before the CD reaches maturity.
The Connexus money market account has tiered interest rates. To earn the most competitive rates requires an account balance of $100,000. Balances below this amount still earn interest, just not the most competitive rate.
The Connexus checking accounts have set requirements to earn competitive rates. That includes eStatements, one direct deposit, and one online bill payment. You must also make a set amount of debit card transactions each month. If you meet these requirements, you earn the competitive rates. If you do not meet them, you are not charged a fee, you just do not earn the best rates.