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Should you use Democracy Federal Credit Union?
You might like Democracy FCU if you …
You might not like Democracy FCU if you …
Live in DC, MD, PA, or VA
Qualify for membership
Want to bank with a Black-owned institution
Are interested in Kasasa accounts, which have high interest rates and cash-back rewards
Want bank accounts with no monthly service fees
Would like to use a shared branch and ATM network
Don’t live in DC, MD, PA, or VA
Don’t qualify for membership
Want to earn rewards but aren’t eligible for Kasasa account benefits
The bottom line: Democracy Federal Credit Union is a good credit union overall, especially if you want to work with a Black-owned institution and/or are trying to avoid monthly fees.
Democracy Federal Credit Union Share Savings Account
You must open a Democracy Federal Credit Union Share Savings Account to become a member of the credit union. It’s a good savings account overall, with a low minimum deposit and no monthly service fees.
But if you want to earn a high interest rate, you’re better off going with one of Democracy’s Kasasa accounts or an online high-yield checking account with another institution.
Democracy Federal Credit Union Free Checking Account
Democracy Federal Credit Union Free Checking Account is a good checking account with no monthly service fees. But it’s probably not a good fit if you’re worrying about overdrawing. It has two types of overdraft protection, but neither is free.
Democracy Federal Credit Union Share Certificate
Democracy pays higher rates on certificates than most brick-and-mortar institutions. But you can earn higher rates with online CDs and certificates.
Along with its regular checking and savings accounts, Democracy FCU has Kasasa accounts. Kasasa is a financial company that partners with small banks and credit unions so they can give customers competitive perks.
There are three types of Kasasa account:
Kasasa Cash Checking: a high-interest checking account
Kasasa Cash Back Checking: earn cash back when you swipe your debit card
Kasasa Saver: a high-yield savings account
Kasasa accounts offer much better perks than Democracy Federal Credit Union Share Savings Account or Democracy Federal Credit Union Free Checking Account. But there are a couple of things you’ll want to keep in mind before you choose which accounts to open.
First, you must open one of the Kasasa checking accounts to qualify for Kasasa Saver.
Second, you have to meet certain qualifications to earn Kasasa …read more
Source:: Business Insider