-
Financial Rates:
5.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No monthly maintenance fees
- Low required amounts to open accounts
- Accounts offer competitive interest rates
- Interest rates are not tiered
Cons:
- Limited accounts offered
- Must link to an external bank account
- Can only make electronic transfers
- Must be a customer to open CDs
-
Financial Rates:
3.0
-
Customer Service:
5.0
-
Website Experience:
5.0
-
Bank Fees:
3.0
Pros:
- Competitive interest rates on accounts
- Variety of accounts offered
- Low opening required amounts
- Only one account has a monthly fee
Cons:
- Must join credit union to open accounts
- Accounts have tiered interest rates
- Cannot open all accounts online
- High yield checking has requirements
There are no monthly maintenance fees for the MySavingsDirect savings account. The CDs do not have monthly maintenance fees. However, there is a fee if you withdraw money before the CD reaches maturity. MySavingsDirect accounts are free.
The MySavingsDirect savings account does not have a required amount to open. You can choose the amount you invest when you open the account. The MySavingsDirect CDs do have a required amount to open. Each of the CD terms requires $1,000 to open.
The interest rates for all MySavingsDirect accounts are competitive. The rates are competitive with other online-only accounts. They are much higher than typical brick and mortar bank rates.
MySavingsDirect account interest rates are not tiered. Any balance in the account earns the most competitive interest rate. The interest rates are competitive with other online accounts.
MySavingsDirect only offers a few accounts. The accounts are a personal deposit savings account and CDs. The CD terms range from 60 months to 120 months. They also offer one 30-month CD term. They do not offer a checking account or money market account. MySavingsDirect does not offer business accounts.
To fund your MySavingsDirect accounts, you must link to an external bank account. MySavingsDirect accounts must link to an existing checking account. Once the accounts are linked, you can transfer money electronically between accounts.
The only way to make deposits or withdrawals are through electronic transfers. Your initial deposit to open the account can be made by mailing in a check. After the initial deposit, all other deposits or withdrawals must be through electronic transfers. Transfer money between your MySavingsDirect account and the linked external bank account.
To open a CD with MySavingsDirect, you must first open a savings account. Once you have a savings account through MySavingsDirect, you may open a CD. The CD terms range from 60 to 120 months. The most competitive CD rate is the six-month CD. MySavingsDirect offers a three-month term, but the rate is lower.
Wings Financial accounts offer competitive interest rates. The checking account rates are competitive with online account rates. The savings and money market account offer rates that are lower than online accounts. These account interest rates are higher than typical bank rates.
A good variety of accounts are available through Wings Financial. They offer checking, savings, and money market account. Specific holiday savings accounts are available. They offer CDS, personal loans, and credit cards. Personal investment and insurance opportunities are available. Some business accounts are also offered.
Accounts with Wings Financial have low opening required amounts. The checking accounts require either $1 or $5 to open. The savings accounts do not have a required amount or require $5 to open. Each CD term requires $500 to open. The money market account does require $5,000 to open.
Only the World Class Money Market account has a monthly fee. That fee is $10 per month. To waive that fee each month you must keep an account balance of $5,000. No other Wings Financial accounts have a monthly fee.
Before you can open accounts with Wings Financial, you must first join the credit union. To be eligible to join requires living or working in Minnesota or Wisconsin county, or Seattle-Tacoma, Washington. Family members of Wings Financial members are eligible. Aviation workers are eligible. You can join Wings Financial Foundation to become eligible to join the credit union.
Some Wings Financial accounts have tiered interest rates. To earn the most competitive interest rate in the money market account requires a balance of $25,000. The investment MMA requires a balance of $100,000 to earn the best rate. The savings account requires $50,000 to earn the best rate. Wings Financial CDs requires $90,000 to earn the best rate.
Not all Wings Financial accounts can be opened online. Their special CDs require visiting a branch location to open. The high yield checking account requires a branch location to open.
You must meet requirements to earn the competitive rates of the high yield checking account. That includes making 15 debit card transactions over $5 and have a direct deposit over $300 each month. You must also sign up to receive e-Documents. If you meet these requirements, you earn the competitive interest rate. The competitive interest rate applies to account balances under $25,000.
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.