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Bank7 VS Golden 1 Credit Union

Which bank is better for you?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Personal and business accounts offered
  • Online personal deposit accounts
  • Competitive rates for online accounts
  • Some accounts have low opening amount

Cons:

  • Accounts have monthly fees
  • CDs and checking have high opening amount
  • Interest rates not listed on the website
  • Online accounts only for new customers
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 5.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 4.0 Star Icon
No Rate Information
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Pros:

  • Variety of accounts offered
  • CDs offer competitive interest rates
  • Low opening required amounts
  • Freedom Checking Account for teens

Cons:

  • Must become a member first
  • Cannot open all accounts online
  • Monthly maintenance fees
  • Not competitive rates for most accounts
Bank7 Review

Bank7 offers a variety of personal and business accounts. Checking, savings, and money market accounts are available for personal deposit or businesses. They offer business and personal CDs, credit cards, and lending options. These accounts can only be opened in a branch location.

Bank7 offers online personal deposit accounts. These include checking, savings, money market accounts, and CDs. The term length of CDs offered are 24-month and 36-month CDs. Only one online money market and savings account per person can be opened. Customers can open more than one CD and checking account.

The Bank7 online accounts offer competitive interest rates. Those rates are much higher than the Bank7 rates for in branch accounts. To earn the most competitive rate, you must have a set amount in the account. Those accounts range from $100 to $10,000, depending on the account.

Some Bank7 online and in branch accounts have low opening required amounts. The savings accounts and Bank7 checking account only require $100 to open. The Super7 checking requires $1,000. The 6-month, 12-month, and 18-month CD terms also require $1,000 to open.

All Bank7 in branch checking accounts have a $1 monthly fee. This fee is easy to waive. Electronic statements, a direct deposit, or keeping a set balance waives the fee. The online Bank7 accounts have a monthly fee of $15. Waive the online fees by receiving electronic statements and keeping a set balance. That amount is $100 for high rate online savings and $5,000 for the online MMA.

Some CDs and one checking account have a high opening required amount. The 24-month, 36-month, and 48-month CDs require $10,000 to open and earn interest. The Premier7 checking account also requires $10,000 to open. The online money market account requires $5,000 to open.

Specific interest rates for in-branch accounts are not listed on the Bank7 website. To get account rates, call a bank representative. The interest rates for the savings account are tiered. To earn the best interest on the accounts requires a set account balance.

The online accounts at Bank7 offer the most competitive interest rates. These online accounts are only for new customers to Bank7. You can open these accounts online. Everything for the account is online.

Read the full Bank7 review.

Golden 1 Credit Union Review

Golden 1 offers a wide variety of accounts. They offer free checking, interest-earning checking, and checking for students. They offer CDs, a money market, and a basic savings account. They also offer savings accounts for youth, the holidays, and big purchases. They also offer credit cards, investment options, insurances, and loans.

Golden 1 CDs offer good interest rates. The rates are higher than typical brick and mortar bank rates. They are slightly lower than other online accounts. A few of the CD terms do offer rates that are competitive with other online CDs.

Most Golden 1 Credit Union accounts have low opening required amounts. The opening amounts range from $1 to $100 depending on the account. Some accounts do not have a required amount. The CDs require $1,000 to open. The money market account does require $2,500 to open.

This checking account is set up specifically for students ages 16 and 17. To have this account, you must maintain a B average in school. Teens can have freedom of their own finances and learn to manage their money. There is no required amount or monthly fee. They offer online and mobile banking, and mobile deposit.

To open an account with Golden 1, you must first become a member. If you live or work in California, you qualify to be a member. Family members of other Golden 1 members also qualify. You can qualify if you belong to certain employee groups. If these options do not work, you can join the Financial Fitness Association to become a member.

Not all Golden 1 accounts can be opened online. Some accounts require visiting a local branch location to open. All the CDs and most of the savings accounts can be opened online.

The premier checking account and the money market account both have monthly fees. The fees are $5 each month. You can waive those fees by having a set amount in each of the accounts. The checking account requires $1,000, and the money market account requires $2,500.

Most accounts with Golden 1 do not offer competitive interest rates. The checking, savings, and money market account rates are not competitive with other online accounts. They are competitive with other brick and mortar rates.

Read the full Golden 1 Credit Union review.

Favorite Rates

CIT Bank
Savings 08/16/2019
APY 2.30%
Rate 2.27%
For APY $100
Monthly Fee $0.00
Checkbook No
$25k+ balance or $100+/month deposit for 2.30% APY. Member FDIC.
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State Farm Bank
MMA 08/16/2019
APY 2.00%
Intro Rate 1.98%
Intro Duration 12 Months
Post Intro 1.00%
For APY $1,000
Monthly Fee $10.00
To Avoid Fee $500
Checkbook Yes
Intro APY, $1,000 to Open, $5,000 Min Bal post intro, See Limits
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