It’s a difficult time to rely on high interest rates to help grow one’s savings. As interest rates continue to stagnate, the Federal Reserve shows no signs of increasing interest rates for some time to come. At the same time, banks have increased the fees for checking accounts, compounding the gloomy scenario further. Checking accounts might not make you rich quickly. Yet, you cannot avoid them altogether as you need one for depositing your paycheck, paying the bills and getting cash.
According to the FDIC, the national average checking account interest rate is 0.04% APY. Considering this low national average, opening a checking account with Air Force Federal Credit Union could be beneficial to your savings. They offer an interest rate of 0.05% APY. Moreover, the credit union has the added benefit of variety, as the institution has several checking accounts to choose from.
4 Checking Account Options from Air Force Federal Credit Union
Air Force Credit Union’s Simple Checking account comes with a $25 initial deposit. This account offers 0.05% APY, which is higher than the national average checking account interest rate. However, the no-fee structure with cash back rewards makes this an even better account. This account provides:
- Cash back rewards of $0.12
- No minimum balance
- No monthly or per-check fee
- Available overdraft protection
First Class Checking
Air Force Federal Credit Union’s First Class Checking account comes with an initial deposit requirement of $25 and a monthly fee of $9. However, it provides you with a plethora of benefits that compensate for the minimal monthly cost. The main features include:
- Accidental Death and Dismemberment Insurance of up to $10,000
- Common Carrier Accidental Death and Dismemberment Insurance of up to $100,000
- Identity theft insurance
- Social Security number monitoring for up to 10 registered debit or credit cards
- Discounted gift cards limited up to 500 $25 cards annually
- Everyday rebate rewards up to $40 annually
- Rewards through Everywhere Cash Savings
- Extended warranty and purchase price protection for products with a sales price of below $5,000
- Free personalized checks
- No per-check fee
- Availability of overdraft coverage
Fresh Start Checking
For people looking for improve their credit history, the Fresh Start Checking account can be a good way to go. With an initial deposit of $100 and a monthly fee of $10, members can get a free Visa debit card. Additionally, you do not need to maintain a minimum balance with this account.
JetSpace Teen Checking
For parents looking to open a checking account for their teenage children who are 13 to 17 years of age, the JetSpace Teen Checking account helps children build a credit history at an early age. You can open this account with an initial deposit of $25 and by cosigning for your teenager. This account has no monthly fee and, by completing three online courses to meet the account requirement, you can obtain:
- Cash back rewards of $0.12
- A free Visa debit card
- E-mail statements
- The option to buy paper checks whenever needed
With insurance up to $250,000 by the NCUA, Air Force Federal Credit Union is a safe institution to bank with and provides many checking products and services geared towards helping their members achieve their specific financial goals.