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GreenState Credit Union High Yield Savings Account Review
By: Conor Keenan Last updated on June 28, 2024
Conor Keenan, co-founder of CompareAccounts.com, is a notable personal finance expert, with work seen in The Wall Street Journal, CNN, Fox News, MSN and Yahoo Finance.
Editorial Independence: Our opinions, reviews, and recommendations are our own and not influenced by financial institutions or partners. Partner commissions keep our site free, but our content remains independent and is not commissioned by any partner or financial institution.
Read our review & open a new savings account with confidence. Green State Credit Union is NCUA insured up to $250,000 per depositor. Fund your new account & take advantage of the power of compound interest today!
4.75% APY
On Raisin's Secure Site for
GreenState Credit Union, NCUA Insured
Best For: Credit Union + High Interest Rates
GreenState Credit Union offers 4.75% APY exclusively through the Raisin Platform.
Established in 1938, GreenState Credit Union has been serving its members for over 85 years.
It is the 18th Largest Credit Union by assets in the USA with over $11 Billion in Assets and 400,000+ members living in all 50 states.
This APY is substantially higher than what you’ll find at a typical credit union.
In addition to this high APY, GreenState Credit Union offers $0 monthly maintenance fees, unlimited withdrawals and is federally insured by the NCUA for up to $250,000 per depositor.
The NCUA, National Credit Union Association, is like the FDIC for credit unions. When you deposit your savings with GreenState Credit Union, you'll be confident that your funds are safe and secure.
See Raisin's Secure Site for GreenState Credit Union For More Details.
Main Benefits You Get with GreenState Credit Union High Yield Savings Account
Competitive APY:
GreenState offers 4.75% APY exclusively through the Raisin Platform.
This APY is substantially higher than what you’ll find at most brick-and-mortar banks and even most online banks. The current APY is over 20x higher than the national average.
Low minimum balance requirement:
You can open a savings account with GreenState Credit Union for as little as $1. This low requirement allows you to open an account quickly and when you’re ready, to fully fund the account to start taking advantage of compound interest.
No monthly maintenance fee:
Everyone hates fees and these days, they feel like they’re popping up everywhere. Thankfully, GreenState Credit Union doesn’t charge any monthly maintenance fees on their savings or CD accounts through the Raisin platform.
Customer service:
GreenState Credit Union has partnered with Raisin to bring it’s first-class savings account to more Americans. Raisin has a supportive, accessible, responsive customer service team based in New York, NY.
NCUA insured:
GreenState Credit Union is federally insured by the FDIC. This covers you for as much as $250,000 per depositor, per institution, in the event of a bank failure. This means that if you have a joint account, you’ll enjoy up to $500,000 federally insured.
Unlimited Withdrawals:
Unlike the big banks, GreenState Credit Union allows you to withdrawal money from your savings account as often as you need to.
Note: The CDs have specific terms and do not come with unlimited withdrawals. However, the goal of the CD is to leave your money in that account in order to accrue interest.
Proven Track Record:
Established in 1938, GreenState Credit Union is the 18th largest credit union in the USA by assets with over $11 Billion in assets.
The credit union also boasts 400,000+ members living in all 50 states.
APY
4.75%
- High Yield Savings Account
- Min. initial deposit: $1
- 4.75% APY
- NCUA Insured up to $250,000
- No Monthly Fees
- Interest Compounded Daily
- Established in 1938
- 18th Largest Credit Union by assets in the USA
- Over $11 billion in assets
- 400,000+ members living in all 50 states
- Exclusive Offer Powered by The Raisin Platform
- See Site for Details
On Raisin's Secure Site for
GreenState Credit Union,
NCUA Insured
Open Your New Account with GreenState Credit Union Now
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APY
4.10%
- High Yield Savings Account
- Min. balance for APY: $0
- Min. Initial Deposit: $0
- 4.10% APY
- 5x National Savings Avg*
- Mobile Check Deposit
- No Monthly Fees
- 100% U.S.-based Customer Service Available 24/7
- Interest Compounded Daily
- FDIC Insured up to $250,000
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On Discover's Secure Site, Member FDIC
APY
4.70%
- High Yield Savings Account
- Balance for APY: $5,000
- 4.70% APY
- No Monthly Service Fees
- Earn a Higher APY with a Higher Min. Balance
- Mobile App Online Banking
- Deposit Checks Remotely & Make Transfers Easily
- FDIC Insured up to $250,000
- Sign Up in Under 5 Minutes
- See Site for Details
On CIT Bank's Secure Site, Member FDIC
APY
4.10%
Annual Percentage Yield (APY)
- High Yield Savings Account
- Min. to Earn APY: $0
- Min. to Open: $0
- 4.10% APY
- APY as of October 14, 2024
- Interest Compounded Daily
- $0 Monthly Fees
- 24/7 Customer Service
- FDIC Insured up to $250,000
- Backed by the Service & Reliability of American Express
- Terms Apply
- See Site for Details
On American Express National Bank's Secure Site, Member FDIC
To recap our recommendations.
Best Savings Accounts According To CompareAccounts™
Discover® Online Savings Account: 4.10% APY
American Express® High Yield Savings Account: 4.10% APY as of October 14, 2024
GreenState Credit Union High Yield Savings Account, Powered by Raisin
GreenState Credit Union uses the secure Raisin platform to offer savings products like their high yield savings account to savers nationwide. Customers open accounts at Raisin.com, and the platform manages all aspects of the products offered by Green State, including a customer’s deposits and withdrawals, statements and any customer service needs. In simple terms, Raisin provides you exclusive access to a special selection of GreenState products. Best of all, Raisin is completely free!
Security: Funds deposited into any of the products accessible through Raisin are held by federally insured institutions. We use a host of cybersecurity measures to protect your funds and sensitive information.
Choice: Savings products from our network of financial institutions offer flexible terms and some of the most competitive interest rates. You can easily find the right product or mix of products for you.
Convenience: One account to hold all your deposit products. Simplified statements. Easy access to manage your funds – all through a streamlined digital platform.
Service: A supportive, accessible, responsive customer service team based in New York, NY, sets Raisin apart.
Access: Enjoy 24/7 online access to your account and funds.
History of GreenState Credit Union
GreenState Credit Union, formerly known as University of Iowa Community Credit Union (UICCU), is a member-owned financial cooperative with a rich history dating back to 1938. Founded by University of Iowa faculty and staff members, GreenState Credit Union has grown to become one of the largest credit unions in Iowa and the United States.
GreenState offers a comprehensive range of financial products and services tailored to meet the diverse needs of its members. From basic banking services to specialized loans and investment options, the credit union provides a full suite of solutions.
For everyday banking needs, GreenState offers savings accounts, checking accounts, and share certificates. Their savings accounts provide competitive interest rates and convenient access to funds, helping members build their financial security. Checking accounts come with various features such as online and mobile banking, debit cards, and overdraft protection options. Share certificates, also known as certificates of deposit (CDs), allow members to earn higher interest rates by locking in their funds for a specified term.
GreenState Credit Union understands the significance of lending options in achieving financial goals. They offer a wide range of loan products, including auto loans, mortgage loans, personal loans, student loans, and more. Members benefit from competitive interest rates, flexible repayment terms, and personalized service throughout the loan application process.
In addition to traditional banking services, GreenState provides investment and financial planning services to help members grow and protect their assets. They have experienced advisors who offer guidance on retirement planning, investment strategies, insurance options, and more. By understanding each member’s unique financial situation and goals, GreenState assists in creating personalized financial plans.
Community involvement is a core value for GreenState Credit Union. They actively engage in charitable initiatives, sponsor local events, and support community organizations. The credit union believes in giving back and making a positive impact on the communities they serve.
With a network of branches and ATMs across Iowa, as well as comprehensive online and mobile banking services, GreenState Credit Union provides convenient access to financial services. Members can manage their accounts, make transactions, and access support from anywhere, at any time.
Awards Presented to GreenState Credit Union
GreenState Credit Union has received several notable awards and recognition for its commitment to excellence in financial services and community involvement. Here are a few examples:
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Forbes’ America’s Best Credit Unions: GreenState Credit Union has consistently been recognized by Forbes as one of America’s Best Credit Unions. This recognition highlights the credit union’s financial strength, member satisfaction, and overall performance.
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Des Moines Register’s Top Workplaces: GreenState Credit Union has been named one of the Top Workplaces in Iowa by the Des Moines Register. This award recognizes companies that prioritize a positive work environment, employee engagement, and satisfaction.
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Corridor Business Journal’s Best of the Corridor: GreenState Credit Union has been recognized multiple times by the Corridor Business Journal in their Best of the Corridor awards. These awards celebrate outstanding businesses and organizations in the Eastern Iowa region.
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Iowa City Press-Citizen’s Best of the Area: GreenState Credit Union has been honored by the Iowa City Press-Citizen in their Best of the Area awards. This recognition showcases the credit union’s commitment to providing exceptional financial services and community support in the Iowa City area.
Award information can change over time, and there may have been additional awards or recognitions received by GreenState Credit Union. For the most up-to-date and comprehensive information on the awards and accolades earned by GreenState Credit Union, please visit their official website.
GreenState Credit Union: Pros & Cons
Pros:
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Member-Owned and Not-for-Profit: As a member-owned credit union, GreenState operates with the best interests of its members in mind. They prioritize providing competitive rates, low fees, and personalized service rather than maximizing profits for shareholders.
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Competitive Rates and Fees: GreenState Credit Union strives to offer competitive rates on savings accounts, loans, and other financial products. Members may benefit from favorable interest rates and reduced fees compared to traditional banks.
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Community Involvement: GreenState Credit Union is known for its active involvement in the communities it serves. They participate in charitable initiatives, sponsor local events, and support community organizations, demonstrating a commitment to making a positive impact.
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Comprehensive Financial Services: GreenState provides a wide range of financial products and services to meet the diverse needs of its members. From basic banking services to loans, credit cards, investment options, and financial planning services, members can access a comprehensive suite of offerings.
Cons:
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Limited Geographic Reach: GreenState Credit Union primarily serves the state of Iowa, which may limit accessibility for individuals residing outside of Iowa or those seeking nationwide branch access. However, online and mobile banking services may help bridge this gap to some extent.
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Membership Eligibility: Like other credit unions, GreenState Credit Union may have specific eligibility criteria for membership. Membership may be limited to certain geographic areas, employer affiliations, or other qualifying factors, potentially excluding some individuals from joining.
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Technology and Innovation: While GreenState Credit Union offers online and mobile banking services, the level of technological advancement and innovative features may vary compared to larger national banks. It’s essential to evaluate if their digital platforms align with your preferences and requirements.
Good News: GreenState Credit Union has solved all of the above cons by partnering with the Raisin platform, thereby allowing savers across the United States access to these incredible savings accounts within minutes. Sign up for your account today.
Raisin Contact Information:
Phone Number: 844-994-EARN (3276)
(Monday to Friday from 9:00 a.m – 4:00 p.m)
Email Address: support.us@raisin.com
Address:
85 Broad Street
New York, NY 10004
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GreenState Credit Union FAQ
What was GreenState Credit Union formerly known as?
Formerly known as the University of Iowa Community Credit Union, GreenState Credit Union changed its name in 2019 because Iowa Governor Kim Reynolds recently signed the state’s budget bill into law. This bill carries an amendment stating that credit unions “shall not include the name of any public university located in the state in its name.” This requires University of Iowa Community Credit Union (UICCU) to change its name by April 30, 2019.
UICCU will keep members notified each step of the way during the process, starting with answers to some of the anticipated questions.
- Why is the UICCU changing its name?
Governor Kim Reynolds signed the state budget bill into law in June of 2018. The bill included an amendment that requires UICCU to change its name. - When will the name change occur?
We have met the April 30 legal deadline to change our name on our articles of incorporation. The actual change to signage, documents, etc will occur on Monday July 22nd. - What is the history of our name?
Our cooperative was established in 1938 as the State University of Iowa Hospital Employees Credit Union. It was created to serve the staff of the University hospital. In 1966 it expanded to serve all staff, students, and alumni when it became the University of Iowa Credit Union. In 1988, the word “community” was added to the name when UICCU expanded its charter to serve residents that were not necessarily tied to the University of Iowa.
source:https://www.greenstate.org/post/name_change.html
Despite the name change, GreenState continues to offer a variety of savings and CD accounts, with competitive rates and a strong focus on member satisfaction.
Is GreenState a good bank?
GreenState Credit Union is an award winning and highly regarded as a reputable financial institution, with many satisfied customers praising its services. Offering competitive interest rates on savings and CD accounts, GreenState provides personalized service and convenient banking options. Overall, GreenState Credit Union is considered a good bank by numerous individuals.
Is GreenState Credit Union FDIC insured?
No, GreenState Credit Union is not FDIC insured. Instead, it is insured by the National Credit Union Administration (NCUA). NCUA insurance provides similar protection to FDIC insurance for deposits in credit unions and covers up to $250,000 per depositor, per institution.
How do I join GreenState Credit Union?
To become a member of GreenState Credit Union, you need to meet the eligibility requirements. These may involve residing or working in specific counties or having an affiliation with certain organizations. Check the GreenState Credit Union website to see if you qualify. Once eligible, you can apply online or visit a branch for assistance.
However, there are no eligibility requirements when you sign up for one of GreenState Credit Unions savings accounts through the Raisin Platform.
*National Savings Rate Average as published by FDIC