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Which CU for savings

Contributor

Which CU for savings

I am currently a member of the following CUs, one of which is pending verification.

DCU
ALLIANT
NAVY FED
PENFED

Which one would you recommend for keeping a savings account? Currently I have it with PenFed but a little peeved they denied me for a CC so thinking about switching. Thank you!
Message 1 of 11
10 REPLIES
Established Contributor

Re: Which CU for savings

DCU offers 5% on the first 1000 saved.  So i would recommend putting 1000 into DCU regardless.

Message 2 of 11
Valued Contributor

Re: Which CU for savings

Why would you leave anything more than $5 in Penfed @ .05% APY in the first place?! If you're limiting yourself to those 4 choices, put $1000 into your DCU Primary savings @ 5% and then put the rest in Alliant @ 1.45%.
Message 3 of 11
Established Contributor

Re: Which CU for savings


@wrote:
I am currently a member of the following CUs, one of which is pending verification.

DCU
ALLIANT
NAVY FED
PENFED

Which one would you recommend for keeping a savings account? Currently I have it with PenFed but a little peeved they denied me for a CC so thinking about switching. Thank you!

Other than leaving $1000 in DCU for 5%, I would say none. They're just not competitive on savings rates right now.

Message 4 of 11
Valued Member

Re: Which CU for savings

Patelco money market is currently 3% on first $0-2000, and 2% on $2000-5000



Starting FICO: 590ish
FICOs: EX 681 TU 670 EQ 682 (Pre App Spree 1/11/18)
FICOs: EX 664 TU 670 EQ 693 (2/16/18)
FICOs: EX 667 TU 682 EQ 712 (5/8/18)
FICOs: EX 660 TU 766 EQ 777 (5/27/18 Charge off removed from TU and EQ)
Goal: 700's all across

Gardening since February 2018
Message 5 of 11
Super Contributor

Re: Which CU for savings


@wrote:
I am currently a member of the following CUs, one of which is pending verification.

DCU
ALLIANT
NAVY FED
PENFED

Which one would you recommend for keeping a savings account? Currently I have it with PenFed but a little peeved they denied me for a CC so thinking about switching. Thank you!

The interest rate at Alliant is much higher than the other 3.


FICO8 EQ 769 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 6 of 11
Valued Member

Re: Which CU for savings

I use CIT Bank Savings  also have A 5K cd WITH Robins federal at 2.5

Starting Score: 01-2018-TU=645 EQ=598 EX=605
Current Score:03-05-1018 TU 667 EQ 665 EX 659
Goal Score: By 2019 --700+ Across the board


Take the myFICO Fitness Challenge
Message 7 of 11
Super Contributor

Re: Which CU for savings


@CassG1224wrote:
I am currently a member of the following CUs, one of which is pending verification.

DCU
ALLIANT
NAVY FED
PENFED

Which one would you recommend for keeping a savings account? Currently I have it with PenFed but a little peeved they denied me for a CC so thinking about switching. Thank you!

Alliant has better rates than NFCU and PenFed.

 

 


FICO8 EQ 769 TU 789 EX 764 Total revolving limits 569900 (484900 reporting)
Message 8 of 11
Super Contributor

Re: Which CU for savings

I use alliant for my savings account the rates are pretty good at 1.45 % probably not the very best out there , but they are much better than brick and mortar banks like BOA , WF , or chase where you won't find rates above .05% I believe. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 9 of 11
Highlighted
Valued Contributor

Re: Which CU for savings

DCU has a much better rate for the first $1k; Alliant isn't a bad rate compared to the other two.

Although not a true savings, Navy does have a 15 month certificate right now over 2% with a low starting deposit

State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 10 of 11