Green State Credit Union
Fees
Minimum Deposit
Our Rating
APY Savings
Table Of Content
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Pros and Cons
Like any financial institution, Green State has its advantages and potential drawbacks that you should consider before making any account decisions.
Pros | Cons |
|---|---|
Rewards Checking Accounts | Low Savings Rates |
Various Lending Options | Most Certificate Terms Aren't Competitive |
High CD Rates On Special Certificates | Membership eligibility |
Credit And Debit Cards |
- Rewards Checking Accounts
Green State offers rewards checking accounts that provide benefits like cashback and ATM fee refunds when you meet certain requirements, making it attractive for those who actively use their accounts.
- Various Lending Options
Green State Credit Union provides a variety of lending options, including auto loans and personal loans, giving members access to funds for various needs and financial goals.
- High CD Rates On Special Certificates
Green State offers high CD rates on special certificates, allowing members to potentially earn more on their investments over time.
- Credit And Debit Cards
Green State provides credit and debit card options that may offer various benefits, including rewards programs and convenience for everyday transactions.
- Low Savings Rates
The savings rates offered by Green State are generally low, which may not be competitive compared to other financial institutions.
- Most Certificate Terms Aren't Competitive
Some certificate terms at Green State may not offer competitive rates, potentially limiting the attractiveness of their certificate products for certain investors.
- Membership Eligibility
Membership eligibility criteria may limit access to Green State's financial products and services, potentially excluding some individuals from these offerings.
Green State Savings
GreenState Credit Union offers two savings account options, including the Hoppy's Kids Club for children under 10, and the ability to open multiple accounts for different savings goals.
The Rainy Day Savings account simplifies emergency fund building with two options: 2% of deposits from a GreenState Checking account can be automatically transferred, or debit card transactions are rounded up to the nearest dollar and transferred.
Rainy Day Savings offers a 1.00% APY on balances up to $2,500, overdraft protection with no transfer fees, no monthly fees, transaction or deposit requirements, no withdrawal fees or limits, and a low $5 minimum balance.
Green State Savings | |
|---|---|
Savings APY | 0.05% – 1.25% |
Savings Fees | $0 |
Minimum Deposit | $5 |
Green State Certificates
GreenState offers Certificates with competitive yields, requiring a minimum $500 – $1,000 deposit for terms ranging from 3 months – 5 years. Jumbo rates are available for deposits over $100,000. Additionally, there's a Young Investor Certificate for those under 18 with lower initial investment requirements.
CD Term | APY |
|---|---|
3-6 Months | 0.20% |
7-12 Months | 0.30% |
13-24 Months | 0.40% |
25-36 Months | 0.50% |
37-48 Months | 0.60% |
49-60 Months | 0.75% |
15 Months (Special) | 4.15% – 4.25% |
49 Months (Special) | 4.05% – 4.15% |
Nonetheless, the rates are generally not very favorable for most of the terms, with competitive rates available only for two specific terms. These limited options can pose challenges for individuals looking to implement strategies like CD laddering or those seeking short-term CD commitments.
Checking Accounts
Green State has three checking account options:
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Free Checking
GreenState's Free Checking account offers simplicity and convenience. There are no monthly service fees or minimum balance requirements. You'll receive a free debit card and access to a vast network of surcharge-free ATMs.
While it lacks interest earnings, it provides essential financial tools and services, including online and mobile banking. The account encourages eco-friendliness by offering free e-statements and discourages paper waste with a $3.50/month paper statement fee for those who choose paper statements.
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Rewards Checking
GreenState's Rewards Checking is a free account that rewards users with a premium yield and ATM fee refunds when they meet basic activity requirements. It offers 1.50% APY on balances up to $14,999.99.
To qualify for these rewards, you must make at least 15 debit card purchases averaging at least $10 each and have direct deposit or an ACH transaction of $100 or more each month. Additionally, it provides access to a large network of surcharge-free ATMs and refunds non-GreenState ATM fees.
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RewardsPlus Checking
RewardsPlus Checking combines a free checking account with a rewards credit card to offer cashback and dividends.
It allows members to earn 1%-5% cashback on transactions made with a rewards credit card. Credit card activity qualifies for a premium yield on the checking account balance, with 2.00% APY on balances up to $19,999.99.
To qualify, you must use your GreenState credit card 15 times per month and set up direct deposit or have an ACH transaction of $100 or more each month.
Credit Cards
Green State also provides access to a number of credit cards. These include:
Platinum Rewards Mastercard: The GreenState Platinum Rewards Mastercard rewards you with bonus points for every purchase, which can be redeemed for cash, plane tickets, merchandise, and more. The card offers low, non-variable rates and a special promotion: earn 5,000 bonus points by making $500 in purchases within 2 months of getting the card. Earn 3x points on gas, 2x points on groceries, and 1x point on all other purchases.
World Mastercard: The GreenState World Mastercard is an elite offering with rewards for purchases and exceptional travel benefits. Receive 10,000 bonus points by making $1,000 in purchases within 2 months of receiving the card. These points can be redeemed for $100 or saved for bigger rewards. The World Card provides flexibility to explore your passions.
Platinum Mastercard: The Platinum Mastercard from GreenState is ideal for those who carry a balance, offering a lower, non-variable interest rate. This card prioritizes financial peace of mind and doesn't include rewards points.
Green State Lending Options
Green State also offers various lending options. These include:
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Auto Loans
GreenState offers low-cost auto loans for new and used cars, with flexible terms to suit your needs and budget. You can apply online in minutes and have the option to delay your first payment for up to 90 days. No down payment is required, and 100% financing is available.
Consider their Cash Back Auto Loan, where you can receive $100 cash back when refinancing your auto loan from another institution. Eligible borrowers can also skip a payment in certain cases, providing budget flexibility.
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Home Loans
As Iowa's leading home loan lender, GreenState provides low fixed rates, minimal fees, up to 100% financing, and local processing and underwriting.
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Home Equity Loan / HELOC
GreenState's Home Equity Loan provides fixed terms of 5, 10, or 15 years with great rates and low fixed payments. Borrow up to 80% of your equity with no prepayment penalties, offering flexibility for various purposes. You can apply online for this loan.
The Home Equity Line of Credit comes with a fixed term of 5 years, allowing you to advance funds as needed. It offers flexibility for various loan purposes, with no prepayment penalties.
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Personal Loans
GreenState Credit Union offers fast and easy personal loan applications with competitive rates. They work with you to find a term that aligns with your budget.
These loans feature reasonable rates, no early payoff fees, flexible terms, and optional PayBreak Debt Protection. Rates can be as low as 12.99% APR, and there's no origination fee.
How to Join Green State Credit Union
GreenState Credit Union has a relatively inclusive membership policy. Those eligible to join include:
Residents and Workers in Iowa and Nearby Counties: Individuals residing or working in Iowa or in specific neighboring counties in Illinois, Wisconsin, Nebraska, or South Dakota can become GreenState members.
University of Iowa Affiliation: University of Iowa students, staff, and alumni are eligible for GreenState membership, providing a convenient financial option for those associated with the university.
Family Members: Direct relatives of current GreenState Credit Union members are also eligible to join. This means that if you have a family member who is already a member, you can also become a member.
Members of the Iowa Consumer Council/American Consumer Council: Individuals who are members of the Iowa Consumer Council or the American Consumer Council are eligible for GreenState membership, potentially expanding the credit union's reach to consumer advocacy groups.
These eligibility criteria aim to make GreenState membership accessible to a broad range of individuals and communities.
How We Rate And Review Credit Unions: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
