How Much Money Can You Withdraw In Saving For Becu

BECU provides money-saving products, including competitive CD rates, checking accounts, and savings accounts. This guide will compare BECU interest rates to CD, money market, and savings account rates from financial institutions across the United States.

Let's take a look!

About BECU
BECU Savings Account Rates
BECU Money Market Rates
BECU CD Rates
The BECU Experience
How To Open a BECU Account
Customer Service
BECU Fees
BECU vs. Competitors
The Best CD Rates Today
The Best Fixed Annuity Rates Today

About BECU

BECU was founded in 1935 as a way for Boeing employees to raise money. The company is still based in Washington and meets the needs of residents there, Oregon, and Idaho. As of 2017, the business has 1 million members.

The credit union has many different types of accounts. There are checking, savings, money market, and CD accounts in addition to loans and mortgages, investments, and business accounts.

BECU Savings Account Rates

There are two types of savings accounts. You can be a regular member, or if you are under 18, you can be a youth member.

Members can get better rates and other features on their savings account if they join Member Advantage. You have to do one electronic transaction per month and have a checking account.

Type	Minimum Balance	APY
Regular Savings	$0.01	0.02%

*APY=Annual Percentage Yield.

Features

No minimum balance on BECU accounts
No monthly maintenance fees
0.02% APY on all savings accounts
You get a higher rate on the first $500 if you save money as a Member Advantage Savings or Youth Savings.
Nationwide access to 30,000+ ATMs with no surcharge fees.
Free FICO score

Pros

Enhanced 1.00% APY on the first $500 for the Member Advantage Savings and the Youth Savings accounts
Member Advantage Savings only requires that you do the qualifying Activities. No need to pay a monthly fee.
When you enroll in the Advantage Savings account, you'll earn higher rates on your CD, IRA, and Money Market accounts. Plus, monthly out-of-network ATM fee reimbursements are $6.

Cons

If you have a Member Advantage Savings or Youth Savings account, then you can get extra interest only on the first $500.
A standard bank account has an interest rate of 0.02%.

BECU Money Market Rates

BECU offers one money market account. But you can earn higher rates and get more benefits if you are a part of the Member Advantage program.

Minimum Balance	APY
$10,000.00 (Standard)	0.05%
$10,000.00 (Membership)	0.10%

*APY=Annual Percentage Yield.

Features

You can write checks with this account.
No monthly fees.
With Member Advantage, you get a higher interest rate.
There are different interest rates for people who have a lot of money and people who have less.
The bank pays a smaller amount of interest if you have less than $10,000. It pays more if you have over $10,000.

Pros

You can earn up to 0.20% APY if you have more than $10,000 in Member Advantage accounts.
Member Advantage Money Market doesn't charge a fee to use it. You just need to meet the monthly requirements.

Cons

Low APYs in general, even with Member Advantage rates.

BECU CD Rates

BECU offers many types of CDs. Your money can make more money with BECU's Member Advantage.

Term	Minimum Deposit	APY
12 Month (Standard)	$500.00	0.05%
12 Month (Membership)	$500.00	0.15%
24 Month (Standard)	$500.00	0.05%
24 Month (Membership)	$500.00	0.20%
48 Months (Standard)	$500.00	0.20%
48 Months (Membership)	$500.00	0.25%
60 Months (Standard)	$500.00	0.20%

APY = Annual Percentage Yield

Features

Terms of 3 months to 60 months
To open the account, you need to have $500.
APYs are the interest rates for bank accounts. APYs can be from 0.05% to 0.50%.
You can increase the interest rate on a 12- or 24-month Bump-up CD to the current market level.
Add-to CDs let you put more money in and start with less than $100.
You can give money to a Veteran Fund CD. The Veteran Fund will pay 50% of your earned interest to needy veteran's families.

Pros

The minimum amount you can deposit to open a Certificate of Deposit account is $500.00.
Member Advantage can increase a person's interest rate by double, triple, or even quadruple.

Cons

Overall, interest rates are low.
Could earn a higher interest in a similar term with a fixed annuity.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

2 YEAR TERM: 2.15%
3 YEAR TERM: 2.60%
4 YEAR TERM : 2.60%
5 YEAR TERM: 3.05%
7 YEAR TERM: 3.25%

Grow your money as fast as possible
Principal protection
Interest rate is locked for the term you select
Tax deferred growth
Withdraw annually without penalty
Lump sum death benefits
Accepts cash, 401(k), and IRA Funds

What's The Difference Between a Fixed Annuity and CD?

Feature	Fixed Annuity	CD
Who Offers	Insurance Company	Banks
Premium Amounts	$2,500 to $1 Million	$500 – No Maximum
Terms	2 Years to 20 Years	3 Months to 7 Years
Guaranteed Interest Rates	Up to 3.25%	Up to 1.25%
Principal Protection	Yes	Yes
Can Lose Money?	No	No
Liquid After Term	100%	100%
How Are Gains Taxed?	Tax-Deferred	Taxed Annually
Annual Liquidity	Up to 10% Annually	No Liquidity
Who Protects My Money?	Insurance Company/SGA	FDIC
Accepts IRA	Yes	No
Accepts 401(k)	Yes	No
Death Benefit	Lump-Sum	Lump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company's claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity's cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

The BECU Experience

BECU has been around for over 90 years and still only serves 3 states. The financial instituion offers a range of account types and an easy-to-access Membership Advantage program.

Branch Locations

BECU has a lot of different branches, mostly in Seattle. But there are also branches in Spokane and South Carolina.

Mobile App and Digital Experience

BECU provides mobile experiences for people across the country. They have apps on Google Play and the App Store which are well-rated.

BECU app features include:

You can see your BECU online accounts and other online banking accounts.
Estimate what you spend, how much you make, your debt, and expenses. Then use those numbers to create a budget.
Find the nearest BECU branch.
Transfer money from one account to another.
You can direct deposit checks
Quickly pay bills
You can get notifications on your account.
You can learn about your credit score by looking at your FICO score.

How To Open a BECU Account

Most accounts at BECU can be opened online. But the Youth Savings account must be opened in a branch. Before you can open any BECU account, you must qualify for membership, which is generally open to individuals who live, work, or attend school in the state of Washington or select counties in Idaho and Oregon.

Opening an account online is easy. It takes about 10-15 minutes and you need to provide the following information:

Social Security number or Tax ID number
You need to have a valid U.S. government-issued ID such as a driver's license or passport.
Give your street address.
Provide your Phone number
Sometimes you need to show some proof that you live at your house. You might need to show a bill from one of the utilities, like electricity or water.

Customer Service

BECU Customer service is available at 800-233-2328. The hours are from 7 a.m. to 7 p.m. PST on weekdays, and Saturdays from 9 a.m. to 1 p.m PST.

BECU Fees

BECU has a lot of the same monthly maintenance fees like other banks, but they are usually lower. That means you will not have to pay any fees if you do not overdraft or need more help.

BECU vs. Competitors

BECU has a small reach. It still competes with some of the largest credit unions and national banks.

BECU vs. WSECU

WSECU is a company that is only in Washington, it has more account types than BECU. There is one type of account where you get 1% cashback on all gas, airline, or restaurant purchases without a monthly fee. The interest rate is higher for WSECU than BECU too.

BECU has CDs, but WSECU does not. It pays 1% interest on the first $500 in its Member Advantage Savings account.

BECU vs. Bank of America

Bank of America has more in-branch services than other banks. They have 4,300 branches across the United States.

There are no monthly fees with BECU's checking, saving, and money account. Bank of America charges $12 for its Advantage Plus Checking account with qualifying activities or balances.

BECU vs. Wells Fargo

Wells Fargo offers credit card rewards. It is not like BECU's program. Customers can redeem their points for travel, merchandise, and more.

BECU's standard savings account only pays 0.02%. The Member Advantage program, however, doubles that to a 1.00% APY if deposited with $500.

The Best CD Rates Today

3 Month CD Rates

Best 3-Month CD Rates	Rate	Term	Minimum
Spectrum Federal Credit Union	0.50% APY	3 Months	$500.00
Service Credit Union	0.40% APY	3 Months	$500.00
Chevron Federal Credit Union	0.50% APY	3 Months	$500.00

6 Month CD Rates

Best 6-Month CD Rates	Rate	Term	Minimum
CommunityWide FCU	0.70% APY	6 Months	$500.00
Lafayette Federal Credit Union	0.70% APY	7 Months	$500.00
Spectrum Federal Credit Union	0.50% APY	6 Months	$500.00

1 Year CD Rates

Best 12 Month CD Rates	Rate	Term	Minimum
Lafayette Federal Credit Union	0.80% APY	12 Months	$5,000.00
CommunityWide FCU	0.75% APY	12 Months	$1,000.00
Live Oak Credit Union	0.75% APY	12 Months	$2,500.00

2 Year CD Rates

Best 2-Year CD Rates	Rate	Term	Minimum
Lafayette Federal Credit Union	0.80% APY	24 Months	$500.00
Live Oak Credit Union	0.75% APY	24 Months	$2,500.00
SILAC Fixed Annuity	2.15% APY	24 Months	$10,000.00
Oceanview Fixed Annuity	1.80% APY	24 Months	$20,000.00

3 Year CD Rates

Best 3-Year CD Rates	Rate	Term	Minimum
First National Bank of America	0.90% APY	36 Months	$1,000.00
Lafayette Federal Credit Union	1.00% APY	36 Months	$500.00
Canvas Annuity*	2.60% APY	36 Months	$2,500.00

4 Year CD Rates

Best 4-Year CD Rates	Rate	Term	Minimum
First National Bank of America	0.95% APY	48 Months	$1,000.00
Lafayette Federal Credit Union	1.15% APY	48 Months	$500.00
Hiway Federal Credit Union	1.10% APY	48 Months	$25,000.00
Nassau Fixed Annuity	2.50% APY	48 Months	$5,0000.00

5 Year CD Rates

Best 5-Year CD Rates	Rate	Term	Minimum
First National Bank of America	1.20% APY	60 Months	$1,000.00
Lafayette Federal Credit Union	1.26% APY	60 Months	$500.00
Canvas Annuity*	3.05% APY	60 Months	$2,500.00

The Best Fixed Annuity Rates Today

Company	Term	Rate	Withdrawals
SILAC	2 Years	2.15%	None
Oceanview	3 Years	2.35%	10% Annually
Canvas*	3 Years	2.60%	10% Annually
Oceanview	4 Years	2.60%	10% Annually
Canvas*	5 Years	3.05%	10% Annually
Nassau	6 Years	3.10%	5% Annually
Canvas*	7 Years	3.25%	10% Annually

Learn the differences and benefits between Fixed Annuities and Certificate of Deposits (CD).

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I've sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I've been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women's Health Magazine.

My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you.