After funding your account, you start earning interest (if it`s an interest-bearing account). You can track the progress of your savings through Suncoast`s website and mobile app. According to their website, all of their checking accounts are completely free and you don`t have to pay the service fee. Always read your bank statements (or sign in to online or mobile banking) and compare your account balance with what the financial institution tells you. If there is an item on your statement that is not in your cheque book, first determine that it is correct. Maybe you forgot to record something. If the item is correct, write it in your cheque book. However, if you believe the item is incorrect, contact your financial institution to have it investigated immediately. It`s rare to find an interest-bearing checking account that doesn`t have a high minimum balance requirement or monthly fee. Suncoast Credit Union offers both features with not one, but three types of chequing accounts.
Smart Checking, Smart Start Checking, and Teen Checking have no minimum balance requirements, earn interest, and have no monthly or annual fees. The Special Stock Savings Account also requires $5 to open, but with this account, you don`t have to hold a balance. That is, after the first deposit, you can withdraw every penny without having to have any fees or account closure. This account has the same interest rate as regular stock membership. Both accounts are covered by the NCUA up to a maximum of $250,000. The NCUA is the equivalent of FDIC insurance, the account protection used by federal banks. On the website, you can customize your page, view your accounts and download up to 90 days of history, order checks, transfer money, and pay bills. You can also use SunMoney to create budgets, monitor spending habits, and enter financial goals. Also, the tool allows you to set up notifications for your phone when your accounts fall below a certain amount, which can help you monitor your spending. You can also access your money online through Suncoast`s website or mobile app via bill payment or bank transfer.
Another option is to link an external account to your Suncoast account to transfer money to yourself. Suncoast Credit Union`s Smartly chequing account could be a good choice if you`re worried about typical bank fees. The checking account does not charge a monthly service fee and has free overdraft protection that allows you to link your checking account to a savings account. Open a Bank On certified checking account online to receive your coronavirus recovery check money faster and safer. Please refer to the following list of non-withdrawal, low-cost Bank On certified chequing accounts recommended by United Way Suncoast. After opening an account by following the steps below, enter your account number and routing number on the IRS website to receive your check as quickly and securely as possible. This type of account, set up as part of the Florida Uniform Transfers to Minors account, is a savings vehicle for minors. The UTMA can be used as a savings account, a money market or a current account or certificate. Only the designated minor can withdraw money from this account.
This is an ideal option for a family member, guardian or perhaps a sponsor who wants to save money, earn interest and give it to a child. Essentially, the type of account you want to open with Suncoast determines how much money you need to deposit. Suncoast has many advantages for users, but how to open an account with them? You can avoid accidentally writing bad checks by always knowing how much you have in your account. Keep track of the deposits you make, the cheques you write, ATM withdrawals, debit transactions, and fees you are charged in a cheque book. Use mobile banking to check your balance before you spend, but keep in mind that paper cheques you write won`t appear in mobile banking until they`re cashed. Never write a cheque before making a deposit and count on “floating” time. A cheque can be deleted by the financial institution the same day you write it. This is a great checking account offer for any customer. Each type of account has the usual features of a checking account: debit cards, checks, mobile deposit, direct deposit, and free images of released checks (up to 90 days). Teen Checking is available to individuals 13 years of age and older with the help of a parent or guardian. The savings account pays only 0.05% APY, which is lower than the average savings account.
If you prioritize a high interest rate, you can consider one of the credit union`s other savings account options or one of our top picks from our guide to the best high-yield savings accounts. Suncoast`s money market account, a type of savings account, requires a minimum deposit of $1,000 to open. His APY is OK right now. You can find accounts with higher rates and lower or no minimum requirements for opening deposit elsewhere. To be eligible for Suncoast Credit Union membership, you or a family member must live, work, go to school, or pray in one of the more than 35 eligible Florida counties listed here. To become a member, you must open a savings account of at least $5. Managing a current account After opening your current account, it is your responsibility to manage and monitor it properly. That means knowing how much is in your account at any given time, reading your bank statements to verify accuracy, and never writing checks for more money than you have. You can earn more interest with higher balances. It`s a tiered approach: each level area gives you a certain percentage.
For example, if your account contains $10,000, you will receive 0.05% interest on the first $999.99 and 0.20% interest on the amount between $1,000.00 and $24,999.99. The dividends you earn are compounded daily and credited to your account monthly. Keep in mind, however, that prices are variable and can change after opening an account. Your options as a member include regular banking products such as savings accounts, money market accounts, and chequing accounts, as well as mortgages, auto loans, and credit cards. The credit union has 64 branches and works with Publix`s co-op network and ATMs to offer more than 3,000 free ATMs statewide and 30,000 nationwide. Once you have entered your information, you will need to deposit money into the account. Most accounts have a minimum deposit that you can use in cash (personal), check (personal), or by wire transfer (free) or wire transfer ($5 fee) from an external account. You can easily open a Bank On certified account online in minutes. Go to the links above that say “Open an online account” and fill out an account application form. Where you can open the accounts A good place to open your first accounts is through a credit union. These non-profit financial institutions are owned by their members (account holders) and tend to have better lending rates and lower fees than banks.
Some even offer accounts specifically for teens. However, most financial institutions do not offer individual accounts for people under the age of 18, but they may offer custodian or joint accounts if a parent co-signs. The advantage of this type of account is that only the miner can withdraw the money. This is different from a shared teen account, such as the Teen Checking option offered by Suncoast, which allows the minor and the joint account holder to withdraw money. While not known for having the best savings account interest rates, Suncoast Credit Union offers great deals on your interesting chequing accounts, as well as very affordable CD rates. If you are looking for a checking account, every financial institution has an interesting option. The account yields 0.01% APY. Other banks and credit unions offer higher interest rates on chequing accounts, but many are online-only. Suncoast Credit Union stock certificates have a low minimum deposit of $500. Share certificates also pay higher interest rates than the average CD.
The credit union offers a fully accessible website, as well as a mobile app for banking on the go. The mobile app offers mobile check deposits, bank transfers, bill payments, account monitoring, store locator, and more. According to Google Play, about 50 percent of the roughly 4,500 people who left the app gave it five stars. Those who gave a low rating complained that the app didn`t always work. That is, it was updated in early 2018. Suncoast Credit Union is insured by the government through the NCUA. If a credit union is insured by the government, it means that the money is safe even in the rare cases when a bank closes. Federally insured credit unions have up to $250,000 guaranteed in individual accounts. If you open a joint account, you can protect $250,000 per owner for a total of $500,000.
IFDCs serve low-income and disadvantaged communities. Banks and credit unions must be certified by the U.S. Treasury Department`s Community Development Financial Institutions Fund and meet specific requirements to remove banking barriers. To join Suncoast Credit Union, you must open a stock account of at least $5. If you want to open additional bank accounts, the Suncoast Credit Union Smartly checking account has a minimum deposit of $0, a Suncoast Credit Union stock certificate requires at least $500 upfront, and the Suncoast Credit Union Money Market account has a minimum deposit of $1,000.