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2.75% MMA Grow Financial FCU Review

2.75% MMA Grow Financial FCU Review

Residents all over the US can apply for this offer from Grow Financial Federal Credit Union’s Money Market Account (MMA).

The rate is locked in at a nice 2.75%, which is one of the highest rates right now in 2019, beating out NASB which currently sits at 2.53%. This account offers the regular 6 withdrawals per month with the rate locked for 12 months upon account initial creation. The rate will revert back to the current APY after the promo period ends.

New money is required to open and balance must be over $1,000 to earn the 2.75% APY. No minimums are required upon initial funding, but you’d be wise to at least open with $1K to get the nice interest rate for their Money Market Account.

Link to offer: https://www.growfinancial.org/uncategorized/heres-a-smart-start-to-saving/

Offer details

  • Interest Rate: 2.75% APY
  • Account Type: Money Market
  • Availability: Nationwide
  • Minimum balance for rate: $1,000
  • Maximum balance: None stated
  • Promotional rate: Yes – 12 months
  • Expiration date: Unknown
  • ChexSystems inquiry: Yes
  • Credit check: Unknown
  • Monthly fee: Yes – waived with at least $200 in account
  • Credit card funding: Yes – $500 limit
  • Closing fee: None stated

Eligibility

Grow Financial FCU’s offer states that it’s for residents of South Carolina and Florida, but reports from other users state that you can call in and get an account opened nationwide.

Other ways to qualify for the account include:

All active and retired military, regardless of location

Current members of Grow Financial (requires small donation to open account)

Costco or Sam’s Club members or employees

Getting the 2.75% APY

  • Call Grow Financial if you’re not a resident of the states or nearby a branch (branch locator)- if you are, then go in and apply.
  • Open a Money Market Account.
  • Fund it with at least $1K to earn the high interest rate.
  • Maintain with at least $1K to earn the 2.75% for a year.

Fees

You can avoid monthly fees by keeping at least $200 in your MMA.

Restrcitions

  • Balances dropping below $1,000 earn 0% APY.
  • Promo APY applies to only new funds.
  • APYs are accurate as of 2/1/19 and may change without notice after account opening.
  • Account APY is tiered with a variable rate.
  • Fees could reduce earnings.
  • 6 withdrawals per month as stated with Federal Reserve Regulation D.
  • APY is effective for 12 monthly statements.
  • After promo period ends, APY will revert back to MMA variable rates:
  • 0.00% APY on balances less than $1,000, 0.30% APY on balances $1,000 to $9,999.99, 0.35% APY on balances $10,000 to $24,999.99, 0.55% APY on balances $25,000 to $49,999.99, 0.85% APY on balances $50,000 to $99,999.99 and 1.00% APY on balances over $100,000.

Pros

  • Competitive 2.75% APY
  • 6 free monthly withdrawals
  • No monthly maintenance fees
  • Free mobile/online banking
  • E-Statements

Cons

  • With rising APY, the 2.75% may be surpassed by 3% APY later on
  • $200 minimum balance for MMA

Overall thoughts

Very high interest rate account to invest in right now until we see APYs rise. There’s no penalty for taking your money out, so why not invest in the short term until we see rates go up?

Image via: Grow Financial.

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