Logix Federal Credit Union Review 2022: All Your Banking Needs and Great Rates

GOBankingRates Score

4.8
Quick Take: You have options when it comes to banking. There are plenty of online and brick-and-mortar financial institutions around. Plus, you may be able to qualify for membership to a credit union, saving you money on bank fees and providing a higher level of service. One such option is Logix Federal Credit Union. Listed as one of GOBankingRates' Top 100 Banks for 2022, Logix blends high-tech features with in-person banking services and the friendly customer service of a nonprofit credit union.
  • APYs
    4.8
  • Benefits
    4.8
  • Products
    4.9
  • Customer Service
    4.8
How did we calculate this?

Pros

  • Robust checking account features
  • Members get part ownership in the credit union
  • 96% of members would recommend to a friend
  • Over 30,000 fee-free ATMS
  • Earn better benefits with multiple Logix accounts, including loans

Cons

  • Fees for Co-Op shared Branch Network transactions, except with Platinum account

    Logix Federal Credit Union Overview

    Founded as the Lockheed Aircraft Employees Federal Credit Union in 1937, the organization’s modern offerings belie its long history as a fixture across Southern California.

    Logix Federal Credit Union, headquartered in Burbank, California, serves residents of Arizona, California, Massachusetts, Maine, New Hampshire, Nevada and Virginia, with an emphasis on employees in the aerospace, insurance and technology industries. Deposits are backed up to $250,000 per customer by the National Credit Union Administration.

    Key Features

    Logix Federal Credit Union received a high GOBankingRates score of 4.8 out of 5. The top categories include:

    APYs

    Logix is a not-for-profit financial institution. Because of its status, members enjoy competitive rates on its savings and loans.

    • Vehicle loans: Starting at 2.24% APR
    • Credit cards: Starting at 9.74% APR
    • Savings: Up to APY
    • Checking: Up to APY
    • Money market: to APY
    • CDs: to APY

    Benefits

    Besides competitive rates and nearly all the financial services you could need under one roof, Logix Federal Credit Union rewards members for their loyalty.

    Logix offers a credit and debit card rewards program. In addition, the credit union stands out for its Relationship Rewards program that delivers more to members based not just on account balances but also on loan balances. The more you bank with Logix, the more you’ll receive.

    There are three Relationship Rewards tiers: Silver, for members with $20,000 or more in balances and loans; Gold, for members with $35,000 or more in balances or loans; and Platinum, for members with $100,000 in balances or loans. All amounts exclude money held in certificates.

    Products

    The credit union’s account options are varied, with the checking category as perhaps its most solid. Here’s more:

    Checking Accounts

    Logix offers many of the same features as big bank checking accounts, including an “early payday” option for members with direct deposit, access to a huge network of 30,000 ATMs and a rewards debit card. It also has a low-fee or no-fee account for young adults and a free checking account for teens ages 13 to 18. These offerings make Logix family-friendly and affordable.

    Advantage Checking and Premier Checking both have associated fees but deliver a lot of value for the money. With a balance of $2,500 or more with a Premier account, you can earn dividends. Plus, there are many ways to have the service charges waived.

    • Advantage Checking: Fee $5.35 or $3.95 with e-Statements
      • Can be waived with a direct deposit of $250 or more or an average daily checking balance of $750
    • Premier Checking: Fee $8.95 or $6.95 with e-Statements
      • Can be waived with a $2,500 daily checking balance.

    Both accounts waive fees if you achieve Gold or Platinum level with Logix Relationship Rewards by holding multiple accounts with the bank, including loans and deposits.

    Savings Accounts

    It’s easy to open a Logix savings account with just $5. The ability to put money into Extra Savings accounts or buckets is perfect for people with specific savings goals.

    Once you open your main account, you can open additional accounts for specific reasons. An Extra Savings account lets you save for any reason, while the Vacation Club and Holiday Club accounts let you save for special events.

    You can set up automatic deposits or transfers from your paycheck for your main savings account or your Extra Savings account, making it easier to tuck money away and watch it grow.

    Logix delivers an APY of for its savings accounts, which is highly competitive.

    CD Rates

    Certificate accounts, or CDs, can offer higher dividends if you are willing to keep the money in the account for specific terms. Logix offers CDs with terms from 91 days to 60 months, with dividends earned daily and compounded monthly. There is a $1,000 minimum balance to open a CD.

    Logix will waive early termination fees if you decide to invest your CD funds into a qualifying annuity or mutual fund, making the CD a good vehicle to grow your money as you make other investment decisions. Logix certificates offer rates ranging from to APY, depending on terms and the amount you invest.

    Higher rates are available with a Jumbo Certificate. You can also earn higher rates through the Relationship Rewards program.

    Money Market Accounts

    If you have a bit more to invest and want a more flexible savings vehicle, a Logix money market account allows you to begin with an initial investment of $2,500 and continue depositing money on an unlimited basis to earn more dividends. The dividend rate is currently as high as , which is comparable to CDs and higher than most savings accounts.

    However, to receive the highest APY, you’ll need a balance of $100,000 or more.

    Customer Service

    Besides the network of Logix Federal Credit Union branches and Co-Op locations, Logix offers a variety of other ways to reach out if you need assistance.

    You can call its Member Service Center at 800-328-5328. Assistance is available by phone Monday to Friday, 7 a.m. to 7 p.m. PST, and Saturday, 9 a.m. to 3 p.m. PST.

    You can also get in touch with a representative via the live chat feature on its website, use its online form for general questions or send a secure message via the online banking platform.

    How Logix Federal Credit Union Stands Out

    The Relationship Rewards program stands out as a rare offering from Logix Federal Credit Union.

    This combined with exemplary Logix Federal Credit Union reviews and its wide range of flexible products for consumers of nearly every age, Logix stands out from larger banks through personalized service and loyalty rewards.

    Logix Federal Credit Union vs. Competitors

    Here’s a look at how Logix compares to other options.

    Logix vs. Chase

    Logix’s basic checking account, Advantage Checking, has a lower monthly service fee of $5.95 — $3.95 with e-Statements — compared to $12 for Chase. Both financial service providers waive fees if you maintain minimum balances: $1,500 for Chase and $750 for Logix.

    Logix delivers a much higher APY on savings accounts at compared to Chase’s standard savings APY of .

    Logix vs. Kinecta Federal Credit Union

    Logix stacks up favorably against top credit unions, as well. Its savings account offers an APY of , while Kinecta’s savings account only delivers APY.

    On the other hand, Kinecta offers a College Saver certificate, which members under the age of 18 can open with a minimum opening deposit of $100. Logix doesn’t offer a certificate option that is specifically designed to help its members save for higher-education costs.

    How To Apply

    To open an account with Logix Federal Credit Union, you can apply at a Logix branch, by telephone or online. Applying through the website is the most convenient way. You’ll need to become a member first.

    Once you qualify, you can open an account by entering personal information such as your name, birth date, address, details from your government-issued photo ID and Social Security number.

    To complete the process, choose the account type and provide checking account details to create a transfer of at least $5 to fund your new Logix account.

    Who Logix Federal Credit Union Is Best For

    Although Logix has a physical presence, its digital platform is one of its strongest features, making it best for anyone comfortable with DIY banking in search of some of the best rates around.

    Logix has robust online and remote banking services that include mobile check deposits and interfacing with Apple Pay, Google Pay and Samsung Pay. You can even set up payment reminders and pay bills online or through the app. You can also transfer money to and from external accounts.

    One handy feature is the ability to add “travel notes,” which can help keep your Logix account from being flagged for fraud if you show a lot of transactions in places where you don’t normally live, work or shop.

    Plus, young adults just embarking on better money management may also like Logix, as it’s easy to have the checking account fees waived and the Logix mobile banking app and online presence seem to be designed for the digital generation with robust features and easy navigation.

    Final Take

    Logix has earned its reputation as a highly ranked credit union, garnering a spot on GOBankingRates’ list of the Top 100 Banks for 2022. If you meet the requirements for fee-free checking, Logix is worth a look.

    Otherwise, other credit unions, such as Alliant, which offers fee-free checking and savings, may be a better option for those who can’t qualify for Logix membership.

    Logix Federal Credit Union FAQ

    Here are the answers to some commonly asked questions about Logix Federal Credit Union.
    • Is Logix bank a good bank?
      • Logix is a highly rated credit union. It received a GOBankingRates score of 4.8 out of 5 for its low-fee account options, competitive interest rates and customer service.
    • Is Logix only in California?
      • Although Logix is headquartered in Burbank, California, it also serves residents of Arizona, Massachusetts, Maine, New Hampshire, Nevada and Virginia.
    • Can anyone open a Logix bank account?
      • Logix membership is open to residents of AZ, CA, MA, MD, ME, NH, NV or VA, as well as employees of the aerospace, insurance and technology industries.

    Dawn Allcot contributed to the reporting for this article.

    Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 7, 2022.

    Editorial Note: This content is not provided by Logix Federal Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Logix Federal Credit Union.

    Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

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    About the Author

    Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.
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