Premier Member Credit Union Review: Strong Check, Money Market


Overall rating of the bank

Advantages and disadvantages

Savings

Annual percentage return (APY)

0.05% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum opening deposit of $ 5
    • No monthly fees
    The inconvenients
    • 13 branches in Colorado or open an account online from the United States
    • Over 5,000 shared branches in the United States
    • There are many ways to become a member if you live in Colorado, or join Impact on Education if you are not otherwise eligible.
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

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    Premier Member Credit Union Member Sharing Savings is good if you want a savings account with no monthly fees. However, it pays a low rate of interest and you can earn a much higher rate at other online banks.

    Verification

    Annual percentage return (APY)

    0.01% to 1.00% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • No minimum opening deposit
    • No monthly service fees
    • Qualify to earn interest
    • No out-of-network ATM fees
    • Choose from an overdraft line of credit or save money for free
    The inconvenients
    • Interest compounded monthly, not daily
    • $ 32 overdraft fee
    • Does not reimburse fees charged by off-network ATM providers
    • 13 branches in Colorado or open an account online from the United States
    • Over 5,000 shared branches in the United States
    • 30,000 free ATMs in the country in the CO-OP network and use 7-Eleven ATMs for free
    • There are many ways to become a member if you live in Colorado, or join Impact on Education if you are not otherwise eligible.
    • Get competitive interest rates every month you 1) sign up for electronic statements, 2) receive $ 500 in direct deposits, and 3) complete 25 or more debit card transactions
    • If you don’t qualify for competitive interest rates, you will earn 0.01% APY
    • Laddered interest rates with 7 levels; get the highest rate on balances under $ 2,000
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

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    The Premier Members Credit Union Earn a Big Free Checking Account is a good free option, especially if you want to earn interest on money in your checking account. You’ll get the highest rate on balances under $ 2,000, and rates remain competitive on balances of $ 50,000 or less.

    To get competitive rates each month, you need to sign up for electronic statements, receive $ 500 in direct deposits, and complete at least 25 debit card transactions.

    CD

    Annual percentage return (APY)

    0.05% to 0.65% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Minimum deposit of $ 500
    • Longer-term competitive interest rates
    • Low to standard early withdrawal penalties
    The inconvenients
    • Interest compounded monthly, not daily
    • 13 branches in Colorado or open an account online from the United States
    • There are many ways to become a member if you live in Colorado, or join Impact on Education if you are not otherwise eligible.
    • The durations range from 3 months to 5 years
    • Early withdrawal penalties: 90 days of interest for periods of 1 year or less, 180 days of interest for periods of more than one year
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

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    Many institutions need at least $ 1,000 to open a certificate, but you only need $ 500 with Premier Members Credit Union. You will get above average interest rates, but you could still improve with other online banks.

    Money market account

    Annual percentage return (APY)

    0.10% to 2.00% APY

  • Advantages and disadvantages

  • Details


  • Advantages
    • Competitive interest rates for low balances
    • $ 5 opening deposit
    • Paper checks
    • No monthly service fees
    The inconvenients
    • Less competitive interest rates for high balances
    • Interest compounded monthly, not daily
    • No debit card
    • 13 branches in Colorado or open an account online from the United States
    • Over 5,000 shared branches in the United States
    • There are many ways to become a member if you live in Colorado, or join Impact on Education if you are not otherwise eligible.
    • Reverse level account, with 7 levels
    • Get high rates on balances under $ 10,000, with highest rates under $ 2,000
    • Interest compounded monthly, paid monthly
    • Federal Insurance by NCUA

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    The Premier Members’ Credit Union Money Market Account is in our guide to the best money market accounts. He pays high interest rates, especially on balances of $ 10,000 or less.

    How the Premier Member Credit Union Works

    Premier Members Credit Union has 13 branches in Colorado. It is part of the CO-OP shared branch network, so you have access to over 5,000 shared branches and 30,000 ATMs across the United States. You can also open accounts online even if you don’t live in Colorado.

    To contact customer service, call Monday to Friday 8:00 a.m. to 6:00 p.m. MT, or Saturday 9:00 a.m. to 1:00 p.m. MT.

    The Premier Members Credit Union mobile app is rated 4.8 out of 5 stars in the Apple Store and 4.7 out of 5 stars in the Google Play Store.

    Your deposits are federally insured by the NCUA up to $ 250,000, or up to $ 500,000 for a joint account. With NCUA insurance, your money is safe even if the credit union closes.

    How to join the Premier Member Credit Union

    Premier Members Credit Union is a credit union, not a bank, so only certain people can become members. Probably the easiest way to become a member is to join Impact on Education, a charity in the Boulder Valley School District. You can join Impact on Education even if you don’t live in Colorado.

    For Colorado residents, there are other ways to be eligible for membership:

    • Live or work in one of the following counties: Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose, Pueblo or Weld
    • Be a student, faculty member or staff member of the Boulder Valley School District or Westminster Public Schools
    • Be an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark or Medtronic
    • Be an employee or member of one of the 750 organizations served by the credit union (call customer service to ask if your business qualifies)
    • Have a family member who already has accounts with Premier Members Credit Union

    When you join, you will also need to open a shared savings account for Premier Member Credit Union members.

    Is Premier Members’ Credit Union Trusted?

    Premier Members Credit Union has no public controversy.

    It is a business accredited by the Better Business Bureau. The BBB focuses on consumer confidence and gives Premier Members Credit Union an A + rating. A high BBB score indicates that a business responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

    A good BBB rating, however, does not guarantee that you will have a harmonious relationship with a company. You can always ask friends and family about their experiences with the credit union or read customer reviews online.

    How Premier Members Credit Union Stacks Up

    We compared Premier Members Credit Union to two other institutions that made our best guide to money market accounts: Ally and Affinity Plus Federal Credit Union.

    All three institutions pay high interest rates on


    money market accounts

    . Ally pays the same rate on your entire balance, while Premier CU and Affinity Plus FCU members both have tiered systems that pay you higher rates on lower balances.

    For a money market account, you will probably prefer CU Premier Members if you plan to keep only a few thousand dollars in your account, because then you will benefit from the higher rate. But Affinity Plus FCU pays a competitive rate on balances up to $ 25,000.

    Your choice may also depend on what other accounts you want to open. Ally pays a much higher savings interest rate than the other two, and Ally and Affinity FCU have stronger CDs than Premier Members CU.

    About Mildred B.

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