Affinity Plus FCU Review 2023
Affinity Plus FCU Review 2023
Affinity Plus Federal Credit Union: A Comprehensive Review
Introduction
When it comes to banking products, Affinity Plus Federal Credit Union stands out as an excellent choice for those seeking solid interest rates, robust rewards programs, and a range of account options. In this comprehensive review, we will explore the various offerings of Affinity Plus and discuss its pros and cons.
Membership Savings Account
Affinity Plus Federal Credit Union’s Membership Savings Account serves as the gateway to their banking services. With no monthly service fees and an array of rewards to earn towards cash back and travel, this account proves to be a convenient starting point. However, it is important to note that the interest rates on this account are relatively low compared to other options.
Better Than Free Checking Account
If you’re in search of a well-rounded checking account, Affinity Plus Federal Credit Union’s Better Than Free Checking Account might be the answer. Not only does it waive monthly service and ATM fees, but it also offers early direct deposit and even provides a yearly overdraft fee waiver. This account caters to those who appreciate versatility and value for their money.
Basic Certificate
For those interested in share certificates, Affinity Plus Federal Credit Union offers a compelling option. With competitive interest rates for various terms and a low minimum deposit requirement of $500, this account presents an attractive opportunity for savers.
Superior Money Market Account
The Superior Money Market Account from Affinity Plus Federal Credit Union offers a standout interest rate. With 3.50% APY on balances up to $25,000 and 3.00% APY on balances over $25,000, this account rewards those who maintain eligible balances. However, it is important to note that to earn the highest rates, customers must meet specific requirements, such as enrolling in e-statements and receiving at least $500 in direct deposits each month.
About Affinity Plus Federal Credit Union
Affinity Plus operates 29 branches throughout Minnesota, and although the Minneapolis (Nicollet Mall) branch is currently closed, accounts can still be opened online. Customer support is available via live online chat, video chat, or telephone from Monday to Friday and Saturday mornings.
One notable feature of Affinity Plus is their MyPlus Rewards program. This initiative allows customers to earn points on their debit and credit card spending, as well as for maintaining specific balances and taking out loans. These points can then be redeemed for travel, cash back, charitable donations, or even reducing loan interest rates.
The Affinity Plus Federal Credit Union mobile app has earned high ratings, with 4.5 out of 5 stars on Google Play and 4.8 out of 5 stars on the Apple Store.
How to Join Affinity Plus Federal Credit Union
While Affinity Plus primarily serves Minnesota residents, individuals can still join the credit union from outside the state. One straightforward method is by making a one-time $25 payment to the Affinity Plus Foundation. Additionally, membership is also open to those who meet specific criteria, including employment with the State of Minnesota, certain universities, or other organizations affiliated with the state. Membership is also available to students or alumni of various Minnesota educational institutions, individuals living or working in specific areas, or those with a relative or roommate who is already a member.
Joining Affinity Plus Federal Credit Union requires opening a Membership Savings Account.
Trustworthiness of Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union has a positive reputation and BBB-A+ rating, indicating their commitment to transparency, responsive customer service, and ethical business practices. While a good BBB rating is an important measure, it is always wise to seek additional feedback from friends, family, and reputable online reviews.
Affinity Plus Federal Credit Union FAQs
For frequently asked questions about Affinity Plus Federal Credit Union, please refer to the appendix at the end of this article.
Methodology: How We Reviewed Affinity Plus Federal Credit Union
Our review of Affinity Plus Federal Credit Union is grounded in our established methodology for assessing bank accounts. Taking into account various features and factors such as early withdrawal penalties, CD variety, ATM network, fees, overdraft protection, minimum opening deposits, monthly service fees, customer support availability, and mobile app ratings, we conduct thorough evaluations to provide accurate and insightful assessments.
Affinity Plus Federal Credit Union vs. Premier Members Credit Union
When comparing Affinity Plus Federal Credit Union to Premier Members Credit Union, both institutions offer solid checking and money market accounts. The choice between them may ultimately depend on personal preferences regarding specific account features.
Premier Members Credit Union, with 17 branches in Colorado and an online presence, features a free interest-earning account. To maximize its benefits, customers need to make at least 25 debit card transactions, receive $500 in direct deposits, and enroll in e-statements.
Affinity Plus Federal Credit Union’s interest-earning checking account requires careful consideration due to the possibility of monthly service fees. When it comes to money market accounts, both institutions employ tiered interest rate structures. Affinity Plus uses two tiers that reward lower account balances with higher interest rates, while Premier Members Credit Union utilizes seven tiers that correlate with different balance ranges, resulting in varying interest rates.
Affinity Plus Federal Credit Union vs. Sallie Mae
Sallie Mae offers savings accounts, money market accounts, and CDs as an online bank. The choice between Affinity Plus Federal Credit Union and Sallie Mae may depend on the other accounts individuals wish to open.
Both institutions provide competitive interest rates on money market accounts, although Sallie Mae offers a consistent rate across the entire balance. However, if high-interest rates for savings accounts are a priority, Sallie Mae’s SmartyPig Account pays a generous 3.85% APY, surpassing any of Affinity Plus Federal Credit Union’s savings offerings.
Conclusion
Affinity Plus Federal Credit Union brings an impressive lineup of banking products, ranging from savings accounts to checking accounts, money market accounts, and certificates. With solid interest rates, attractive rewards programs, and a commitment to customer satisfaction, this credit union proves to be a worthy contender in the world of banking.
Note: The information provided in this article is based on publicly available sources and our expert analysis. Individual experiences may vary, and potential customers are encouraged to conduct thorough research and consider their personal preferences before making any financial decisions.
Affinity Plus Federal Credit Union FAQs
Q: How do I join Affinity Plus Federal Credit Union? To become a member, you’ll need to open an Affinity Plus Federal Credit Union Membership Savings Account. If you don’t live in Minnesota, you can make a one-time $25 payment to the Affinity Plus Foundation.
Q: Is Affinity Plus Federal Credit Union trustworthy? Affinity Plus Federal Credit Union has an excellent reputation and an A+ rating from the Better Business Bureau. However, it’s always a good idea to consider other customers’ feedback and experiences before making your decision.
Q: What is the interest rate for Affinity Plus Federal Credit Union’s Superior Money Market Account? The Superior Money Market Account offers an interest rate of 3.50% APY on balances up to $25,000 and 3.00% APY on balances above $25,000. To earn these rates, you must be enrolled in e-statements and receive at least $500 in direct deposits each month.
Q: How many branches does Affinity Plus Federal Credit Union have? Affinity Plus Federal Credit Union has 29 open branches throughout Minnesota, with online account opening available to those outside the state.
Q: Are my deposits safe with Affinity Plus Federal Credit Union? Affinity Plus Federal Credit Union deposits are federally insured by the NCUA for up to $250,000, or up to $500,000 for joint accounts. This means your money is safe even if the credit union were to close.
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