Affinity FCU SmartStart Savings Account Review
Affinity FCU SmartStart Savings isn't available on Finder right now.
- Annual Percentage Yield (APY)
- Up to
2.65%
- Fee
- $0
- Minimum deposit to open
- $0
Our verdict
Members can earn one of the highest APYs around, but the qualifying balance stops at $10,000.
The SmartStart Savings account can be a great starter savings account; as the name suggests. On your first $10,000, you earn a solid rate of 2.65% APY. On cash over $10,000, you earn up to 0.50% APY. Also, this account has no transaction limits, Affinity supports Zelle, and you can waive paper statement fees and monthly fees by enrolling in estatements. However, if you wanted a physical banking option, look elsewhere unless you're in the states of NJ, NY or CT. For everyone else who wants to join outside of Affinity's service area, plan on needing to make a one-time $5 donation to the Affinity Foundation and deposit at least $5 to open the SmartStart Savings account.
Best for: New savers in need of a high APY on a small balance.
Pros
-
High APY on low balance
-
No minimum opening deposit
-
No monthly fees or minimum balance
-
Global ATM network
Cons
-
Lower APY on balance over $10,000
-
Must be a member to open
-
Branch locations limited to 3 states
How to become an Affinity member
Before you get any further in this review, just remember that you must become an Affinity credit union member before you can open one of its deposit accounts.
Affinity requires you to be an employee of participating businesses in its network, or an immediate family member of an existing member, or if you’re a member of one of its many associations or clubs.
However, you can also join Affinity if you make a one-time donation of $5 to the non-profit Affinity Foundation.
What we like about Affinity FCU SmartStart Savings
First, rest easy because Affinity FCU is a legit credit union. Its accounts have typical deposit insurance under the NCUA.
High APY for new savers
With the SmartStart Savings account, you earn up to 2.65% APY on your first $10,000.
Once your balance is over $10,000, you’ll see a change. The rate will decrease to 0.50%, but only on money that’s greater than $10,000. The 0.50% rate will only be paid only on the portion of your daily balance that is greater than $10,000.
While, yes, your APY decreases as your balance grows, it’s worth mentioning that the lower rate is still higher than the national average rate of just 0.38%, as reported by the FDIC.
No fees with estatements
If you opt into estatements, you can waive the $2 paper statement fee. Also, these folks automatically get that $2 fee waived:
- Members aged 62 or older
- Children aged 17 and under
- Children with Savvy Saver accounts
- Tenant accounts
Other notable perks
Aside from the high APY and no fees with estatements, some other pluses we wanted to call out include:
- Unlimited transfers
- Affinity is compatible with Zelle
- Supports early direct deposit, up to two days early
What could be better
The SmartStart Savings account is a solid starter account, but if you prefer in-person support and live outside of the states of New Jersey, New York or Connecticut, you might be out of luck. Affinity FCU operates everywhere else as a digital banking option.
And if you were already fine with a completely digital account, there are other savings accounts with higher rates. The SmartStart Savings account isn’t a bad account by any means, but the rate is slightly lower than other digital accounts, and your rate decreases after you hit a $10,000 balance.
Compare Affinity FCU SmartStart Savings with other savings accounts
See the features and fees of savings accounts other than the SmartStart Savings account.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 250 savings accounts from hundreds of financial institutions. It takes into account the product's interest rate, fees, opening deposit and features - this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of savings accounts against FDIC-reported national averages as a baseline. Accounts with rates well over the national average are scored the highest, while accounts with rates well below are scored low.
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Your reviews
Bethany Finder
Banking editor
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