Kinecta Federal Credit Union review: CDs with solid interest rates and low minimum opening deposits

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Pros and cons

Traditional Savings Account

To join Kinecta Federal Credit Union, you’ll need to open the Traditional Savings Account with at least Traditional Savings Account.

You’ll want to be mindful of monthly service fees with this account. The monthly service fee is waived during the first three months of opening an account, but after that, you’ll need to meet certain requirements. If you’re under the age of 26 or a part of active military, the fee is automatically waived for you.

Classic Checking Account

The Classic Checking Account might be a good choice if you can avoid the $4.95 monthly service. The fee is waived during the first three months, but afterward, you must meet specific requirements to waive the fee. If you’re under the age of 26, over the age of 62, or active military, the fee is automatically waived.

Regular Share Certificate

Most banks and credit unions generally require at least $1,000 to open a CD, but Kinecta Federal Credit Union CDs have a low minimum opening deposit of Regular Share Certificate.

The credit union also has a special certificate promotion on an 18-month CD; you’ll earn 3.85% to 4.00% Annual Percentage Yield (APY), depending on your account balance.

High Yield Money Market Account

The High Yield Money Market Account stands out because it has a High Yield Money Market Account minimum opening deposit. At most banks or credit unions, you generally need at least $1,000 to get a money market account. 

Kinecta Federal Credit Union has a tiered interest rate, so the amount you’ll earn will depend on your account balance. There are online banks and credit unions that pay higher interest rates on money market accounts regardless of your account balance, though.

How Kinecta Federal Credit Union works

Kinecta Federal Credit Union is a designated community development financial institution (CDFI) with 32 branches in California, Florida, New Jersey, and New York. It’s also part of the CO-OP Shared Branch and ATM network, so members also have access to over 5,500 shared branches and 30,000 free ATMs.

To contact customer support, call the Member Contact Center from 5 a.m. to 6 p.m. PT on weekdays or 6 a.m. to 3 p.m. PT on Saturdays.

The credit union’s mobile app is rated 4.3 out of 5 stars in the Google Play store and 4.7 out of 5 stars in the Apple store. 

Kinecta Federal Credit Union bank accounts are federally insured by the NCUA. Up to $250,000 is secure in individual bank accounts, and $500,000 is safe in joint bank accounts.

How to join Kinecta Federal Credit Union

To become a member at Kinecta Federal Credit Union, you must meet one of the following requirements:

• You have a family member or household member who is a Kinecta member
• You work for a Select Employee Group on this list
• You live, work, or go to school in select counties in California, Florida, Illinois, New York, or Texas
• You join the Innovision Society, an organization that provides financial education and college scholarship opportunities (Kinecta Federal Credit Union will cover your membership fee)

Once you fulfill at least one of the requirements, you may join Kinecta Federal Credit Union by opening a savings account with at least $5.

The role of community development financial institutions

CDFIs serve low-income and disadvantaged communities. Banks and credit unions have to undergo certification by the US Department of Treasury’s Community Development Financial Institutions Fund and meet specific requirements to address banking barriers.

The Kinecta Community Foundation has donated over $2 million to local non-profit organizations in the last few years. The credit union also awards eight annual college scholarships to high school seniors, and it partners with local elementary schools to help provide funding for projects and classes.

Kinecta Federal Credit Union trustworthiness and BBB rating

Kinecta Federal Credit Union hasn’t been involved in any recent public controversies. 

We also include ratings from the Better Business Bureau so you can see how an institution resolves customer issues. 

The Kinecta Federal Credit Union has a B rating because the BBB has received 36 customer complaints about the bank.

Bear in mind a good BBB rating doesn’t necessarily guarantee a perfect relationship with a financial institution. You’ll want to read online customer reviews and talk to current customers to see if Kinecta Federal Credit Union might be suitable for you. 

Kinecta Federal Credit Union vs. Alliant Credit Union

Both credit unions make it easy to become a member. At Kinecta Federal Credit Union, the easiest way is to join the Innovision Society (Kinecta will cover your membership fee). Alliant Credit Union lets you become a member by joining Foster Care to Success (Alliant will cover your $5 joining fee). 

Choosing between these two credit unions might depend on what you’re looking for in a bank account.

You’ll probably prefer Alliant Credit Union if you want to earn a high interest rate on a savings account. The Alliant High-Rate Savings Account pays Alliant High-Rate Savings Account Annual Percentage Yield (APY).

If you’re searching for a credit union with local branches, you may lean more toward Kinecta Federal Credit Union. Alliant Credit Union is an online-only bank, while Kinecta Federal Credit Union is part of a shared branch network with over 5,500 locations.

Kinecta Federal Credit Union vs. Bethpage Federal Credit Union

Bethpage Federal Credit Union has 33 branches around New York State. It’s also part of the CO-OP Shared Branch and ATM networks. To become a member of Bethpage Federal Credit Union, you just need to open a Bethpage FCU Savings account with $5.

Your choice between these two credit unions could come down to which accounts you want to open.

If your goal is to avoid monthly service fees, Bethpage Federal Credit Union might be more appealing. Bethpage Federal Credit Union doesn’t charge monthly service fees on savings or checking accounts. At Kinecta Federal Credit Union, you’ll need to meet certain requirements each month to waive fees. 

You might favor Kinecta Federal Credit Union if you’re focused on getting a checking account with early direct deposit or free overdraft protection. At Bethpage Federal Credit Union, you’ll have to pay a $5 overdraft transfer fee if you utilize overdraft protection. The credit union also doesn’t offer early direct deposit.

Frequently asked questions

Can anyone join Kinecta Federal Credit Union?

Anyone can join Kinecta Federal Credit Union as long as they meet one of the following requirements:

• Have a family member or household member who is a Kinecta member
• Work for a Select Employee Group on this list
•  Live, work, or go to school in select counties in California, Florida, Illinois, New York, or Texas
• Join the Innovision Society, an organization that provides financial education and college scholarship opportunities (Kinecta Federal Credit Union will cover the $10 membership fee).

What kind of financial institution is Kinecta?

Kinecta Federal Credit Union is a local credit union with branches in California, Florida, New Jersey, and New York. It is certified as a CDFI, which means it serves low-income and disadvantaged communities.

It’s also part of the CO-OP and Allpoint networks. Members have access to an additional 5,500 shared branches and over 85,000 surcharge-free ATMs nationwide.

Is Kinecta federally insured?

Yes. Kinecta Federal Credit Union is federally insured by the NCUA. Up to $250,000 is secure in an individual bank account, and $500,000 is safe in joint bank accounts.