You may have noticed a new nationally available money market making its debut in yesterday’s Best Bank Account Rates Summary. The Superior Money Market account was added to the Affinity Plus Federal Credit Union (Affinity Plus) product line earlier this month.
|2.02*%||-||$25k||Affinity Plus Federal Credit Union||Superior Money Market|
|OTHER TIERS: 0.70% → $25k+|
While the Superior Money Market’s 2.02% APY looks competitive at first glance, there are a couple of limitations that reduce its attractiveness. The 2.02% APY applies only to “qualified” balances up to $25k. Qualified balances over $25k earn 1.00% APY, with all non-qualifying balance tiers earning 0.10% APY. The qualifying requirements are reminiscent of a rewards checking account.
To earn the higher dividend rate for the Superior Money Market account, you must have direct deposit of $500 minimum each month (payroll, Social Security or unemployment) to any Affinity Plus checking, savings or money market account and be enrolled in digital statements.
The Superior Money Market account has no monthly service fee or minimum opening deposit. There is limited check writing, with a debit card available if requested. There is no excessive transaction fee because transactions beyond the six allowed per month are not permitted. Unlimited deposits are allowed and can be made through the Affinity Plus mobile app, or at any of more than 50,000 nationwide ATMs (MoneyPass, SUM and CO-OP). There is a limit of one Superior Money Market account per membership.
Headquartered in Saint Paul, Minnesota, Affinity Plus Federal Credit Union’s field of membership (FOM) is wide and varied, with a way to join for almost any U.S. citizen or resident alien with a valid Social Security number.
Easy Membership: Joining the Affinity Plus Foundation with a one-time $25 dues payment, qualifies for Credit Union membership. Established in 2000, the Foundation is a 503(c)(3) that supports “financial education and programs through outreach, scholarships and grants.”
Residency: Individuals who live, work, or worship in Arden Hills, Mounds View, New Brighton, Roseville, Shoreview, St. Anthony, or the downtown areas of Minneapolis/Saint Paul are eligible to join.
Employment: Employees/volunteers of more than 50 Preferred Partner companies, including the State of Minnesota, the University of Minnesota Twin Cities, and any organization that receives funding from the State of Minnesota qualify for membership.
Educational: Students or alumni of the seven Minnesota State 4-year universities are eligible to join, as are current students of the University of Minnesota Twin Cities campus and University of Minnesota Alumni Association members.
Relationship: Relatives or roommates of current Affinity Plus members are welcome to apply.
Joining Affinity Plus and/or opening a Superior Money Market can be done online, or at any of 28 Minnesota branches located in Alexandria, Baxter, Bemidji (2), Cambridge, Coon Rapids, Duluth, Eagan, Faribault, Fergus, Grand Rapids (2), Hastings, Lakeville, Mankato (2), Minneapolis (2) Moorhead (2), New Hope, Rochester, Roseville, Saint Cloud (2), Saint Paul (2), and Winona.
If a $25 Affinity Plus Foundation donation is what qualifies you for membership, please
note that the total minimum deposit (including your $10 member share) would be $35.
Affinity Plus participates in the CO-OP ATM network.
CO-OP's nearly 30,000 ATMs means you have more direct,
surcharge-free access to your money than most traditional bank customers do.
Credit Union Overview
Affinity Plus Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.84% (excellent) based on September 30, 2019 data. In the past year, Affinity Plus has increased its total non-brokered deposits by $108.86 million, an excellent annual growth rate of 5.84%. Please refer to our financial overview of Affinity Plus Federal Credit Union (NCUA Charter # 24362) for more details.
Established in 1930 as the State Capitol Credit Union, the original FOM consisted of the employees of the state of Minnesota. The Affinity Plus rebrand occurred in 1999, following several acquisitions and expansions of the Credit Union’s charter. With assets in excess of $2.3 billion, Affinity Plus is currently the second largest credit union and the fifth largest financial institution in Minnesota. According to an April 2019 press release,
Today, Affinity Plus Federal Credit Union is pleased to announce it has reached a major milestone: the celebration of its 200,000th member. Over the last two years, Affinity Plus has added over 30,000 new memberships.
How the Superior Money Market Compares
When compared to nationally available Money Market Accounts tracked by DepositAccounts.com that require a minimum balance of $5k or less, Affinity Plus Federal Credit Union's Superior Money Market APY currently ranks second, although the $25k balance cap lessens its competitiveness.
The above rates are accurate as of 1/22/2020.
To search for the best Money Market Account rates, either nationwide or state specific, please refer to DA’s Money Market Account Rates Table page.