Jovia Financial Credit Union Online Savings Account 2024 Review
Jovia Financial Credit Union offers an online savings account that earns a competitive rate and offers ATM access. You'll need to become a member to open an account, but there are multiple ways to join.
Jovia Financial's Online Savings Account offers a solid rate, with no monthly fees. You can manage your account online or at more than 55,000 ATMs nationwide.
Saving with Jovia could be right for people who:
- Are looking for an online-only savings account
- Want to get a great rate on savings balances
- Would like the option to withdraw cash via a debit card
- Are interested in trying out a credit union
You'll need to join Jovia to open an Online Savings Account. Membership is open to people who live, work or attend school on Long Island; are sponsored by a family member who belongs to Jovia; or enroll through the credit union's partnership with CrossState Foundation. There's a $5 opening deposit requirement.
Jovia Financial CU Online Savings Account Pros & Cons
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Compared to Other Online Savings Accounts
Rising Bank Yield Savings Account
Rising Bank offers high-yield savings accounts, as well as CD and checking accounts. The APY is comparable to what you'll get with Jovia, but the minimum deposit requirement is higher. You'll need at least $1,000 to open this savings account.
TAB Bank High Yield Savings Account
TAB Bank's High Yield Savings Account offers an APY that's slightly higher than what you'll get with Jovia, with no opening deposit requirement. There are no monthly fees or balance caps. You won't get ATM access with this account, however, and there are no branches.
Laurel Road High Yield Savings Account
Laurel Road offers a high-yield savings account for members who already have a loan or other account here. There's no minimum deposit requirement and no monthly maintenance fee. The APY is the same as what you could earn with Jovia.
Ivy Bank High Yield Savings Account
Ivy Bank offers both high-yield and index savings accounts for people who want to grow their money. The minimum deposit requirement is higher, at $2,500. You'll need to maintain that same minimum balance to earn the highest savings rate on balances.
Interest Rates
Jovia Financial holds its own against other online banks and credit unions. While the APY isn't the highest you'll find, it's among the best of any online savings account. Jovia's CD rates and money market rates are also competitive.
The APY applies to all savings balances; there are no tiers to worry about. That's a plus if you're getting started with saving for the first time.
Is a credit union the best option for earning the best savings account rates? It depends.
Some credit unions, like Jovia, offer rates that are well above the national average. But other credit unions offer savings rates that are more in line with what you'll find at a traditional bank.
When comparing savings account rates, remember these tips:
- Check to see if the rates are tiered by balance or apply to all balances.
- Review minimum deposit requirements to see how much you'll need to open an account.
- Consider whether CD rates might yield a better return if you won't need the money right away.
Rates are just one part of the puzzle, however. It's also important to check out the fees you might pay to open an online savings account.
Fees
Credit unions have a reputation for being more fee-friendly than banks. That's because they're member-owned and don't put profits first.
Jovia doesn't charge a monthly fee for its online savings account. But there are some other fees that may apply.
Other Service Fees - Jovial Financial CU Online Savings
| Type | Fee |
|---|---|
| Monthly maintenance fee | $0 |
| Excess withdrawal fee | $10 |
| Bill pay | $0 |
| Non-Jovia ATM fee | 8 free/month; $1 for each transaction over 8 |
| Inquiries at non-Jovia ATMs | $1 |
| Stop payment | $30 |
| Unpaid/Returned item | $30 |
| Excess withdrawal | $10 |
| Incoming wire transfer | $5 |
| Outgoing wire transfer | $20 to $50 |
| Inactive account fee | $5 |
One of the main fees to watch out for is the excess withdrawal fee.
Jovia limits you to six withdrawals from savings per month. If you go over that limit, each additional withdrawal can trigger a $10 fee.
That's good to know if you're tempted to use your debit card to withdraw cash.
ATM Access
Jovia issues a debit card with its online savings accounts. You can use your card to withdraw cash fee-free at Jovia ATMs and more than 55,000 Allpoint ATMs.
Should you pull cash from savings if you have the option?
Maybe, if it's an emergency and you have no other way to pay. Otherwise, it might be better to leave your savings intact.
It can be too easy to get into the habit of making withdrawals, which defeats the purpose of a savings account. Not to mention you run the risk of getting hit with an excess withdrawal fee.
Account Management
You can manage your account through online and mobile banking and at Jovia and Allpoint ATMs.
That's convenient if you want to be able to:
- Check balances
- Deposit checks from your mobile device
- Transfer funds between other Jovia accounts
- Schedule bill payments
- View statements
There's one thing you can't do with this account, however. You can't manage it at Jovia branches or shared branch banking locations.
As the name suggests this is a 100% online-only savings account. So if you're hoping to be able to manage your savings at a Jovia branch, you may need to consider another account option.
FDIC Insurance
Having FDIC insurance protects you in case your bank fails. Credit unions don't offer FDIC coverage; instead, they're insured through the National Credit Union Administration (NCUA).
Jovia deposits are insured through the NCUA. The standard insurance amount is $250,000 per share owner, per insured credit union, per account ownership type.
What to Look for in a Savings Account
It's easy to be overwhelmed by the sheer number of options when searching for a new savings account. Knowing what to look for can help you narrow down the field.
Here are some of the most important features and benefits to consider:
- Interest rates and APY
- How rates are applied (i.e., tiered or across all balances)
- Minimum opening deposit
- Minimum balance to earn interest or avoid a monthly fee
- Fees, including maintenance fees or excess withdrawal fees
- Online and mobile banking features
- ATM or debit card access
- Branch banking access, if applicable
- Savings features and money management tools, such as round-ups or savings buckets
- Deposit and withdrawal limits
- Overdraft protection
- Customer service and reputation
- Overall user experience
As you compare savings accounts at online banks don't forget about online credit unions like Jovia. While a credit union may not seem like an obvious choice, it's worth investigating all of the options.
Frequently Asked Questions
Is Jovia legit?
Jovia Financial is a legitimate credit union headquartered in Westbury, New York. Membership is open to people in the Long Island area, as well as those who join through the CrossState Foundation.
Is a credit union or bank better for savers?
Online banks and credit unions can offer better rates than traditional banks. They can also charge fewer fees and have lower minimum deposit requirements. Comparing credit unions and banks can help you find the right one for your needs.
Which credit union offers the best savings account rates?
If you're specifically interested in saving with a credit union, you might look at online savings accounts or CD accounts first. Credit unions may offer higher rates to savers who are comfortable opening an online-only account and don't necessarily need branch banking access.
