Jovia Financial Credit Union Review: Friendly, Local Banking for Savers of All Ages

4.9

GBR RATING

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Jovia Financial Credit Union is a regional credit union with a rapidly expanding national presence. Jovia holds assets of $4.37 billion as of the Q3 2023 NCUA Call Report. In March 2022, the credit union acquired Empire Financial Federal Credit Union, assuming its members, loans, and assets of $5.12 million.

Quick Take

• Pros
  • Wide range of products
  • High APY for online savings
  • Free checking with no minimum balance requirements
  • Access to a network of 55,000+ ATMs worldwide
  • National access to live representatives
  • Investment and insurance services available
  • Children’s bank accounts
  • Early direct deposit
• Cons
  • Only 22 physical branches across Long Island, New York
  • Highest savings interest rate only available online

Total Rating: 4.9

Jovia Financial Credit Union Overview

If you live in the New York City metropolitan area, including Nassau and Suffolk counties on Long Island, New York, you may have seen Jovia Financial Credit Union’s Super Bowl ads before, during and after the February game.

For a regional bank with just 22 branches across two counties and just over 500 employees, Jovia aimed to make a big impression this winter. However, the organization’s growing reach is even more impressive than the credit union’s ad campaign.

Following acquisitions and charter changes, the credit union now serves customers not just on Long Island, but in New York City’s five boroughs, plus Westchester County, and the neighboring states of New Jersey and Connecticut, according to a report from Long Island Business News.  

In addition to these brick-and-mortar locations, they have a nationwide system of ATMs and Jovia’s Virtual Branch welcomes users from across the country to bank with the institution.

Key Features

Jovia provides customers with a full suite of banking products, including checking, savings, money market accounts, health savings accounts, and certificates of deposit. Let’s take a look at some of the credit union’s best offerings.

Variety of High-Yield Savings Products: 5.0

Jovia FCU offers savings options you may not find with other credit unions, including a health savings account (HSA), a tiered money market that yields up to 2.5% on balances over $5 million, and accounts for teens and young adults.

You can earn up to APY with a Jovia online savings account, plus round up purchases made with your Jovia debit card through the “Stash My Cash” program to help make saving a little easier.

Other savings options include IRAs for tax-advantaged savings, and share certificates with APYs of up to 5% for an 8-month certificate.

Checking Options: 4.7

Jovia offers two checking account options:  

• CareFree Checking, with no monthly fee
• Go Green Checking, which earns interest of up to 3.5% when you meet certain requirements

CareFree Checking is a straightforward spending account with no monthly fee, no minimum balance requirements and access to fee-free banking at 55,000+ ATMs in the Allpoint network. This account has no overdraft fees, although transactions that would put your account into the negative may be declined.

Go Green Checking delivers an APY of 3.5% on the first $25,000 in your account and 0.10% after that once you meet certain requirements. You must sign up for paperless statements and spend $250 on everyday purchases with your debit card each month. You must also use direct deposit or mobile deposit to put at least $100 into your checking account each month or use Jovia’s Bill Pay service once a month.

The account provides your first set of checks free and up to $20 per month in ATM rebates when you meet the above requirements, as well.

Members of Jovia can also apply for Jovia’s SafetyLine, which provides overdraft protection to qualifying customers through a variable rate revolving line of credit linked to your Jovia checking account. Checks and debit card transactions that would otherwise be returned or declined can tap into this line of credit with no overdraft fees, although finance charges may apply.

Loans and Credit Cards: 4.8

Jovia Financial Credit Union provides a wide range of loan products, including mortgages, home equity loans and lines of credit, auto loans, personal loans and student lending through College Ave Student Loans.

In addition, you’ll find three choices in credit cards:

• Visa Advantage, with a 1.99% intro APR on purchases and balance transfers for the first 12 months
• Visa Signature Elite, with a welcome bonus and 1.25 rewards points for every dollar spent
• Credit Boost Visa Advantage secured credit card

Youth Accounts 4.9

When it comes to serving kids, tweens, teens, and young adults Jovia FCU has a plethora of options, bolstered by its children’s banking app, Curio. Kids under age 10 can open a Dollar Dog Kids Account for just $5, while tweens and teens up to the age of 17 can enjoy the benefits of the Elements Teen Club account.

Both accounts require just a $5 minimum deposit to get started and earn 1% APY on the full account balance. The Curio app lets kids request money, transfer funds from checking to savings and use their debit card for purchases. It can also help them build a budget, track spending, and earn money by completing chores.

The downside? You can only open a youth account at a local branch, not online.

The Jovia Student Savers account offers college students a 5.0% APY on balances up to $3,000.

Comparable Jovia FCU Options

• TD Bank

If you’re looking for a regional bank on the East Coast with a broader reach than Jovia, consider TD Bank, rated best in the Northeast for in-person banking. With more than 1,100 branches across 15 states and Washington, D.C., TD Bank serves New York and beyond. You can earn up to 4.0% interest depending on the account you choose and your total combined balance, according to a recent review from GOBankingRates.  

• Alliant Credit Union

Alliant Credit Union is an online-only credit union offering interest-earning checking accounts for both adults and children between the ages of 13 and 17. Neither account has a minimum balance requirement or any monthly fees. The nationwide credit union offers high-yield savings and share certificates. Alliant has an ATM network of more than 80,000+ and offers one of the best debit cards for kids, according to GOBankingRates.

How Jovia Financial Credit Union Stands Out

Jovia’s youth bank accounts and the Curio app stand out as a selling point that sets it apart from competitors, while high interest rates make the credit union attractive for savers of any age.

How To Apply

You can apply for a Jovia account online here or by visiting a local branch on Long Island. To qualify for the high-yield savings account you’ll need to apply online. Youth accounts can only be opened in person with a parent or legal guardian present.  

Whether applying online or in person, you’ll need a government-issued ID, plus personal information such as your name, address, and social security number. Jovia allows you to add a preferred (not legal) name to your credit or debit card. However, be aware that merchants have a right to decline your transaction if the name on your card does not match your legal ID.

Who Jovia FCU Is Best For

Jovia FCU remains the best for New Yorkers who prefer the convenience of local branches. However, with its expanding online banking capabilities the financial institution is shaping up to be a great option for digitally savvy clients nationwide.

Final Take

Whether you live on Long Island or beyond, you might consider banking with this up-and-coming credit union for its high interest rates and personalized, friendly service.

Rates are accurate as of Feb. 29, 2024, and are subject to change.

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