OnPath Credit Union

There are many things to consider when choosing bank accounts for storing your money. Some of the most common concerns are liquidity and accessibility, meaning how easy it is to withdraw or spend the funds. Other factors have to do with yields and how much the account will help your money grow.

There’s no one-size-fits-all right answer when it comes to choosing bank or credit union products. In many cases, there is a best account for your specific need, but what that account is can vary. Many banking customers benefit from having several different accounts, each with their own unique purpose or goal.

Accounts for Everyday Purchases and Spending

If you need an account where you can deposit checks or have them direct deposited in order to give you fast and easy access to your income, a checking account is the best solution. Checking accounts are designed to be accessible and easy to open and maintain.

For example, all of OnPath Federal Credit Union’s checking accounts have a low opening balance requirement of just $25. Every checking account is easy to use for everyday purchases, with ATM privileges at more than 5,600 locations and access to more than 30,000 fee-free ATMs for withdrawals, as well as online and mobile banking and a debit card.

Many of our checking options have no monthly account fees, and the ones that do can have the monthly fee waived if you maintain an average daily balance of $500 per cycle.

If you’re looking for an accessible account to store money so you can make everyday purchases and pay bills, a checking account is the right option.

Most people don’t associate checking accounts with high yields, but occasionally you can find a bank that combines the accessibility of a checking account with APYs you typically only see in the highest-yield savings accounts, share certificates or money market accounts. One of the accounts that currently sets OnPath FCU apart from other banks and credit unions is our high-yield rewards checking, with seven percent APY* on daily balances up to $10,000.

Accounts for Saving

Traditional savings accounts are often used for rainy day funds or savings for a specific purpose, such as buying a new vehicle, home improvements or tuition.

The yield on these accounts is highly variable, but even the highest-yield savings accounts often earn less than longer-term investment accounts like share certificates since the funds in savings accounts are intended to be accessible to savers.

The ideal purpose of a savings account is a cross between a long-term savings account, like a share certificate, and a liquid account, like a checking account. It’s an account you can put money into without restrictions on withdrawals to pay for unexpected or planned future purchases.

Accounts for Investing or Long-Term Savings

There are longer-term savings accounts that trade liquidity for higher yields, like share certificates (the equivalent of certificates of deposit at banks). Share certificates are opened with a one-time, up-front deposit, meaning you can’t treat it like a savings account where you put in more money each pay period or month.

A share certificate earns a specific yield after a fixed term, and you know the guaranteed return when you open the account. For example, if you open a 4.15 percent APY, 24-month share certificate with $5,000, you’ll receive $5,423.61 two years after you open the account. That money can be deposited into an existing checking or savings account or be automatically rolled over into a new share certificate.

Share certificates are ideal if you want to grow money you know you won’t need within the fixed term. Having a guaranteed return, and being federally insured, makes share certificates one of the safest ways to invest.

Find the Right Accounts for Your Needs

Options are good for New Orleans banking customers. You can choose from dozens of local credit unions or national banks, and each of those financial institutions offers dozens of unique accounts. Finding the saving solutions that are right for you isn’t always easy.

At OnPath Federal Credit Union, we strive to make your choice of financial institution easier. That’s why we offer exceptional customer service and great savings, checking and share certificate account options with features designed to save you money, reduce risk and make your life easier.

Learn more about our account options or become a member by calling us at 800.749.6193.

*APY=Annual Percentage Yield. APYs accurate as of 8/1/23. Rates may change after an account is opened. Minimum of $25 required to open a checking account. The following must be met each qualification cycle: (1) Log into online or mobile banking one or more times per qualification cycle (2) Be enrolled in and receive e-statements for the statement cycle, and (3) Have at least 15 debit card purchases post and settle within the qualification cycle.  If qualifications are met each monthly qualification cycle for Cash Back checking, members earn 5.0% cash back on up to $200 in debit card purchases for a maximum earning of $10 per month per account. If qualifications are met each monthly qualification cycle for High-Yield Checking: (1) balances up to $10,000 receive APY of 7.00%; and (2) balances over $10,000 earn 0.50% interest rate on the portion of balance over $10,000, resulting in a range of 7.00% - 0.50% APY depending on the balance (3) domestic, out-of-network ATM fees up to $10 per month will be reimbursed on the last day of your qualification cycle. Fees may reduce earnings.  If qualifications are not met on High-Yield checking, all balances earn 0.01% APY. Qualifying transactions must be posted to and settle on the account during monthly qualification cycle. Transactions may take one or more banking days from the date the transaction was made to post to and settle on account. ATM transactions do not count towards qualifying debit card transactions. “Monthly Qualification Cycle” means a period beginning one day prior to the first day of the current statement cycle through one day prior to the close of the current statement cycle. Go to www.beonpath.org to view the current Monthly Statement Qualification Cycle. To view our courtesy pay policy, go to www.beonpath.org/courtesy-pay.

* Special services fees, such as stop payment, NSF, etc. do not apply.